Argentina: Merchandise exports gain steam in May
Merchandise exports soared 21.7% in annual terms in May, on the heels of April’s 10.7% jump. May’s outturn marked the strongest increase since April 2022. This was largely due to an over-50% rise in agricultural exports due to improved weather conditions compared to last year. Energy exports also boomed, likely thanks to rising output from the Vaca Muerta field. Meanwhile, merchandise imports plummeted 32.8% on an annual basis in May (April: -22.7% yoy), dampened by currency weakness and soft domestic demand.
As a result, the merchandise trade balance improved from the previous month, recording a USD 2.7 billion surplus in May (April 2024: USD 1.8 billion surplus; May 2023: USD 1.1 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 4.5 billion surplus in May, compared to the USD 0.8 billion surplus in April.