Argentina posted a record trade surplus of nearly US$14 billion in the first half of the year, driven by both higher exports and lower imports than in the same period last year, despite a weaker June trade balance.
On Monday, statistics institute INDEC reported a June trade surplus of a little over US$2 billion in June, the smallest surplus in four months. According to seasonally adjusted data, exports declined 0.9% from the previous month, while imports increased 3.4%.
“After several months in which domestic demand struggled to gain momentum, the improvement seen in seasonally adjusted import series is an encouraging sign for sectors tied to the domestic market, although it should still be interpreted with caution,” said Santiago Casas, chief economist at EcoAnalytics.
Year over year, both exports and imports increased, although exports rose at a significantly faster pace (24.5% versus 7.3%).
“Total exports were slightly above US$9 billion, in line with market expectations reflected in the REM survey, while imports surprised on the upside at US$6.861 billion, accounting for most of the downside surprise in the trade balance,” analysts at Balanz noted.
