Argentina: February sees sixth consecutive trade surplus
Exports rebounded 3.7% in year-on-year terms in February, following January’s 4.7% drop. February’s increase came on the back of a healthy rise in exports of manufactured products of industrial origin, and of manufactured products of agricultural origin. Foreign sales of fuels and energy products, and primary products also grew, albeit to a lesser extent. In terms of export markets, considerable expansions in exports to Brazil, China and the U.S. were only partially counterbalanced by declines in exports to Chile and Germany.
Imports plummeted 22.9% annually in February, a somewhat softer fall than January’s 26.5% contraction. A plunge in imports of capital and consumption goods, as well of imports of passenger motor vehicles, led February’s contraction.
Meanwhile, the trade balance surplus widened from a USD 0.4 billion surplus in January to a USD 0.5 billion surplus in February, the sixth consecutive surplus after 20 months in the red (February 2018: USD 0.9 billion deficit). The 12-month rolling trade deficit came in at USD 1.2 billion (February 2018: USD 9.9 billion shortfall), narrowing from January’s USD 2.5 billion deficit and marking the best result since July 2017.