Argentina: Merchandise exports rise at a softer rate in June
Merchandise exports jumped 21.7% year-on-year in June, following May’s 22.2% rise, largely thanks to a normalization of agricultural activity after last year’s drought. Meanwhile, merchandise imports plunged 35.4% on an annual basis in June (May: -32.1% yoy), linked to depressed domestic demand.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.9 billion surplus in June (May 2024: USD 2.6 billion surplus; June 2023: USD 1.8 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 8.3 billion surplus in June, compared to the USD 4.5 billion surplus in May.