Argentina: Merchandise exports contract in May
Merchandise exports sank 24.8% annually in May (April: -29.3% year-on-year). Meanwhile, merchandise imports declined 6.7% over the same month last year in May (April: -11.5% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.2 billion deficit in May (April 2023: USD 0.2 billion deficit; May 2022: USD 0.4 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 1.0 billion surplus in May, compared to the USD 2.5 billion surplus in April.