Argentina: Merchandise exports rise at a milder pace in July
Merchandise exports soared 19.2% in annual terms in July (June: +21.7% year-on-year). Agricultural and fuel exports saw double digit growth, likely linked respectively to improved weather conditions and rising gas output from the Vaca Muerta field. Meanwhile, merchandise imports plunged 16.5% in annual terms in July (June: -35.2% yoy), consistent with subdued domestic demand.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.6 billion surplus in July (June 2024: USD 1.9 billion surplus; July 2023: USD 0.7 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 10.5 billion surplus in July, compared to the USD 8.3 billion surplus in June.