Argentina: Trade surplus widens in August
Exports rose 7.5% in year-on-year terms in August, following July’s 8.3% increase. August’s outturn was the result of higher exported quantities, while prices continued to fall. The print came on the back of skyrocketing exports of primary goods and of fuels and energy, as well as of a strong rise in sales of manufactured products of agricultural origin. In contrast, exports of manufactured products of industrial origin continued to fall. In terms of export markets, August’s expansion came on the back of a sharp rise in overseas shipments to China, partially offset by declining exports to Brazil, Germany and Vietnam.
Imports plunged 30.3% annually in August, a sharper fall than July’s 20.6% dive. Significant contractions in the imports of passenger motor vehicles, fuels and lubricants, and capital and consumption goods, drove August’s downturn.
Meanwhile, the trade balance surplus widened from a surplus of USD 951 million in July to USD 1.2 billion in August, the 12th consecutive surplus after 20 months in the red (August 2018: USD 1.1 billion deficit). The 12-month rolling trade balance rose from a USD 8.4 billion surplus in July to a USD 10.7 billion surplus in August (August 2018: USD 10.7 billion shortfall), marking the best result since January 2013.