According to the Argentine Industrial Union (UIA), industrial production in the country fell 3.4% in April compared to the same month of 2013. Considering the first four months of 2014, the industry dropped 2.2% versus the same period last year.
The Industrial Activity report published by UIA also forecasts an annual retraction of 2.5%, comparing 2014 with 2013. In spite of the growth in metal production (11.7%) and oil refinement (6.4%), the majority of sectors (58%) registered a fall according to UIA.
Contractions were lead by the automobile sector (21.6%), cement (7.1), and minerals (4.1%), while industrial exports dropped 24% in April compared to 2013.
Meanwhile, agro-industrial exports were up 11%, lead by oilseed production (17.6%). Imports decreased 14%, but capital goods' imports grew 5% due to the newly train formation purchases made by the government.
Fuel imports also decreased 12% in April, while commercial energy deficit contracted 2.7% during the first four months of 2014 compared to the same period last year.