Argentina: Merchandise trade surplus narrows in July
Latest reading: In July, the trade balance was USD +2.1 billion, following a USD +2.2 billion reading in the previous month. Over the last 12 months, the trade balance summed to USD +23.7 billion.
Merchandise exports increased 14.1% in year-on-year terms in July, coming on the back of 25.2% growth in the prior month. July’s rise was driven by a near-doubling of energy exports, as higher prices combined with stronger output from the Vaca Muerta shale field. Merchandise imports dropped 1.7% in annual terms in July, following 7.5% growth in the prior month and signaling subdued domestic demand.