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Argentina’s trade surplus in May rose 29%; imports soared 39%

Friday, June 24th 2011 - 19:08 UTC
Full article 16 comments
International prices of grains and oilseeds are helping Argentine finances International prices of grains and oilseeds are helping Argentine finances

Argentina's trade surplus in May rose 29% from the previous month, thanks to high prices for the country's exports of grains and manufactured goods, the national statistics agency said Thursday.

The agency, Indec, said that Argentina ran a trade surplus of 1.68 billion US dollars last month, down from a revised 1.93bn in May 2010. Argentina posted a trade surplus of 4.77bn during the January-May period, down from 6.01bn a year earlier.

Indec said exports increased 24% on the year to a record 8.04bn in May, thanks largely to higher prices. The gain in exports was led by grains, edible oils, automobiles, chemicals and metals.

But imports surged 39% to 6.36 billion, owing to a big increase in volumes.

Mercosur was the source of 33% of Argentina’s imports and destination of 22% of exports.

In May, Argentina ran a trade deficit of 491 million USD with its largest trading partner, Brazil. Indeed, the trade deficit with Brazil hit 1.53 billion during the first five months of the year.

Argentina's trade surplus is set to shrink this year as the growth in imports exceeds that of exports. The central bank's latest forecast is a surplus of about 9 billion USD.

Maintaining a hefty trade surplus is one of the pillars of President Cristina Kirchner's economic program as US dollar inflows from export sales allow the central bank to build its international reserves, a portion of which the government uses to service its debts.

The surplus also vindicates the government's industrialization policy by keeping imports out through tariffs and informal barriers, while at the same time promoting exports of manufactured goods.

Top Comments

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  • briton

    great, good on argentina,
    see its times like this that she deserves credit.
    keep this up, and soon you will be able to buy some rowing boats .

    Jun 24th, 2011 - 09:11 pm 0
  • Fido Dido

    Uhmm, perhaps they will buy rowing boats for those peasents in the Falklands to row back to that dump, called the UK. Good idea Briton, I'm positive the argie bloggers will agree with you and me. Moron.

    Jun 24th, 2011 - 09:23 pm 0
  • briton

    ccan you define MORON,
    does it meen, more ron, as in do you want more,
    or does it meen dogs dinner, fool
    how can you put [agree with you and me]
    your right about the moron bit, you,,,,ha ha, go home doggy

    Jun 24th, 2011 - 09:37 pm 0
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