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Argentina experiences tighter trade surplus and slower industrial growth in May

Friday, June 22nd 2012 - 08:40 UTC
Full article 47 comments

Argentina’s trade surplus was 1.5 billion dollars in May, compared to 1.71bn a year earlier according to the official stats office Indec, while industrial production in the same month continued to languish, according to the medium estimate of more than 50 banks, economic research firms and universities surveyed by the Central Bank. Read full article

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  • British_Kirchnerist

    It seems even from this negative article that the main problem is that Brazil is contracting, which itself is due to blowback from the Euro-US recessions. Of course a good leader like Cristina should be able to “ride out the storm” and lead her people to the “sunlit uplands” beyond, to use the Churchillian language

    Jun 22nd, 2012 - 09:39 am - Link - Report abuse 0
  • Welsh Wizard

    @1 Wholehreatedly agree. This slowdown is mainly due to the contraction in Brazil. To see this through I would suggest further import restrictions to boost internal growth, slashing the payment time on mining companies to 15-20 days so that they get paid quicker or just nationalise them if that doesn't work and a large internal stimulus package to try and push public spending as a % of GDP towards 50% (or possibly higher). This could be paid for by bank reserves, increased internal money flow and the increase in profitability/productivity post nationalisation of the mining companies.

    Jun 22nd, 2012 - 10:06 am - Link - Report abuse 0
  • yankeeboy

    2. hahahaha

    CFK had an embarrassing defeat yesterday, BCRA reserves are depleted, peso is on a free fall ( although I don't think you've seen anything yet), electricity companies are all bankrupt most likely will have to be nationalized, most Banks are insolvent, most consumables (food toiletries) went up 9% yesterday, they hope inflation stays under 40% this year ( it may not), car mfgs laying off 1000s, miners laying off and not exporting,...etc etc etc

    I wonder where the U$ 14B will come from to pay for the nat gas they need???

    CFK should write a book on how to destroy a country in only 8 years.

    Jun 22nd, 2012 - 10:45 am - Link - Report abuse 0
  • The Chilean perspective

    @2
    I hope the CFK administration are reading your suggestions, and follow suit because it would cause a catastrophe of biblical proportions. The subsequent collapse of the value of the Peso would be astronomical as the printing presses almost catch fire printing up AR$ 1.620 trillion. Further import restrictions would shut down most industry. Mining and agricultural exports would cease if they had to cash in their import Dollars in 15 to 20 days because they would have to carry the burden for this money as they probably would get paid in 90 to 180 days by the purchaser of their goods. Overall an awesome recipe for failure, and ideal for people like me who were too young to cash in on the 2001 disaster. I always wished I had been capitalized enough to buy a nice apartment in Barriloche, now I'm ready to buy as soon as the market crashes and hits bottom.
    Thanks CFK and friends.

    Jun 22nd, 2012 - 11:18 am - Link - Report abuse 0
  • Self Determination

    @1BK
    Have you taken your medication today? Sounds like your delusional and living in a fantasy world.
    National strikes ,35% inflation and rising ,energy crisis, peso collapsing,corruption, rising crime rates, more debt default ,cacerolazos ..........Cristina,Boudou,Maximo,Timmerman,A.Castro ....comedy show.
    Argentina's in deep sh*t,and nobody's going to help you.Time is running out.

    Jun 22nd, 2012 - 11:33 am - Link - Report abuse 0
  • yankeeboy

    4. After they start to nationalize the “non-producing” farms they will go after all foreign property ownership. I sold out of everything when the made me register my properties as a foreigner. So be careful of buying in a country that has no respect for property rights.

    Jun 22nd, 2012 - 11:33 am - Link - Report abuse 0
  • Ahab

    @6

    I don't know about her writing a book but I think she has been reading Robert Mugabe's “Economy Destruction for Dummies.”

    If she ever writes a book it will probably be about how she is innocent of crushing Argentina's economy and reputation around the world. No doubt this will be a 8000 page incoherant whine-fest blaming everyone but her (most likely focusing the Falklanders and the english pirates).

    Jun 22nd, 2012 - 11:57 am - Link - Report abuse 0
  • briton

    Ya need to make money,

    1, but dollars at a dollar each,
    2, sell then at 2 dollars each,
    And double ya profits,

    The only drawback, is who where will you find any mugs, who will pay double the price,

    We are sure CFK can solve this problem,
    There are millions who adore her [BK ]as an example,
    They will buy the inflated dollars,

    [just trying to help] lol

    .

    Jun 22nd, 2012 - 12:46 pm - Link - Report abuse 0
  • Simon68

    2 Welsh Wizard (#)
    Jun 22nd, 2012 - 10:06 am

    If Kretina reads your post, we will be free of her in 24 hours!!!

    Jun 22nd, 2012 - 12:53 pm - Link - Report abuse 0
  • Britninja

    It's been very quiet on here for the last day or so. I guess the Campora scum have been called back to the mothership (an inflated floating Maximo with a large basket dangling underneath him).

    Jun 22nd, 2012 - 01:13 pm - Link - Report abuse 0
  • expbrit

    Ahhh... the sweet sound of chookies coming home to roost.

    Little wonder that what passes for a government in RG have got their knickers and knackers in a twist over the Falklands. 3,000 people sitting on enough moola to keep Crown Prince Fat Maxie in cup cakes and knee replacements for the rest of his life.

    Jun 22nd, 2012 - 01:15 pm - Link - Report abuse 0
  • British_Kirchnerist

    Cristina's memoirs will be fascinating and inspiring I'm sure =)

    Jun 22nd, 2012 - 01:23 pm - Link - Report abuse 0
  • Britninja

    @12 What's the title? “Mein Fu*k-up”?

    Jun 22nd, 2012 - 01:29 pm - Link - Report abuse 0
  • yankeeboy

    or “Bamboozle, Bankruptcy & Botox”
    How i ruined the lives of 40MM people

    Jun 22nd, 2012 - 01:43 pm - Link - Report abuse 0
  • Idlehands

    As I predicted the other day - life round here will be very dull without the glorious CFK ranting on about something.

    We should mourn her final departure while also cheering to the rafters

    Jun 22nd, 2012 - 02:12 pm - Link - Report abuse 0
  • Britninja

    We won. As if there was ever any doubt ;)

    Jun 22nd, 2012 - 02:24 pm - Link - Report abuse 0
  • Joe Bloggs

    When CFK flees within the next 12 months where do you all figure she'll go? I'll bet one of the Carribean islands or maybe even America. I don't suppose it will be a British Caribbean island though.

    Chuckle chuckle.

    Jun 22nd, 2012 - 02:43 pm - Link - Report abuse 0
  • Welsh Wizard

    Has anyone else heard that the central bank has not been able to buy dollars to top-up reserves for the last week. Does anyone know why?

    Jun 22nd, 2012 - 02:44 pm - Link - Report abuse 0
  • Idlehands

    Won what? That adds some doubt!?!?

    Jun 22nd, 2012 - 02:46 pm - Link - Report abuse 0
  • Britninja

    Good Vs Evil of course! :P

    No, I was being facetious but it's nice to rub the Malvinistas' noses in it after all the tedious crud they've been spouting. “JAJAJAJA UK IS FINISHED!”, “Kelpers go home” etc.

    Jun 22nd, 2012 - 02:55 pm - Link - Report abuse 0
  • Idlehands

    I don't believe the recent flurry of stories will be enough to knock them off their stride. When you live in a world of delusion then a white lie and a whopper are the same thing.

    We'll all know when it's over because the signal won't be subtle.

    Jun 22nd, 2012 - 03:09 pm - Link - Report abuse 0
  • Englander

    Argentina experiences tighter trade surplus and slower industrial growth in May

    That's a shame.

    Jun 22nd, 2012 - 03:15 pm - Link - Report abuse 0
  • Idlehands

    Totally off topic - the shit is hitting the fan in Europe. Syria just shot down a Turkish F4 jet. NATO don't like their members losing planes.

    Nothing like giving your enemies a green light.

    Jun 22nd, 2012 - 03:53 pm - Link - Report abuse 0
  • Captain Poppy

    #17 CFK is not welcome in my country (USA). I suspect she will openingly be welcomed in Venezula or Cuba.

    Jun 22nd, 2012 - 04:47 pm - Link - Report abuse 0
  • British_Kirchnerist

    #15 Don't worry it will be interesting for years to come =)

    #16 Hubris much? She's not gone and I can't seriously think why she's have any plans to

    Jun 22nd, 2012 - 05:11 pm - Link - Report abuse 0
  • briton

    Well come on chaps she must go / or wanted somewhere,
    1, Venezuela=4/5*
    2, Peru =7/4
    3, Bolivia =7/2
    4, Cuba =3-1
    5, North Korea =7-1
    6, Iran =10-1
    7, Iraq 12-1
    8, afghan, 16-1
    9. Pritchard islands 25-1
    10,DR Congo 33-1
    11, Somalia. 33-1
    12, Angola 50-1
    .

    Jun 22nd, 2012 - 09:33 pm - Link - Report abuse 0
  • yankeeboy

    18. Its not that BCRA isn't buying every U$ they can find but the 1.5 Billion peso surplus they were expecting in their current accounts has turned into a 600MM deficit. It has shocked everyone!

    They thought these ridiculous import controls would give them a surplus but they didn't take into account the increased inflation it brought, the downturn in production and consumer purchases or the decreased exports!

    So the BCRA reserves instead of increasing the minimum U$10B they need this year are decreasing. Argentina is effectively bankrupt they just don't know it yet. But they will shortly.

    So what happens when all of a Banks, Pension Company, Business, etc have all of their reserves in a worthless bond....hmmm I wonder do you print more bonds and pesos? That doesn't sound right...hahahahaha

    This imminent crash will make 2001 look like a boom.

    Scary as CFK without clothes
    Boo

    Jun 22nd, 2012 - 09:39 pm - Link - Report abuse 0
  • jerry

    When one reads news this bad, even some from some honest sources, think how much real truth could be put out by INDEC?

    Jun 22nd, 2012 - 09:47 pm - Link - Report abuse 0
  • yankeeboy

    Ooops CFk forgot to send the wire to BA province to pay their salaries...

    Do I hear the presses printing Patacones??

    click click click print print print

    I hate to say I told you so...no wait no I don't... hahahahaha

    This collapse will be SPECTACULAR!

    Jun 22nd, 2012 - 11:09 pm - Link - Report abuse 0
  • Ahab

    @29

    How do you think the general collapse will unfold?

    If they get large scale demonstrations from unions and general citizens, heaven only knows how CFK will react. Hope she doesn't send in the Hitler.......sorry.....Campora Youth to back up the police.

    Jun 22nd, 2012 - 11:37 pm - Link - Report abuse 0
  • ElaineB

    I think there is going to be a pretty large scale demonstration next Wednesday.

    Jun 23rd, 2012 - 12:02 am - Link - Report abuse 0
  • Mrlayback

    I think La prez might be a little worried a repeat performance is on the cards next Wednesday ....

    President Cristina Fernández de Kirchner assured tonight that “Argentina does not condone the coup’d etat in Paraguay” as she addressed reporters at the Government House.

    Fernández de Kirchner also said that “appropriate measures” will be taken at next week’s Mercosur Summit, which will take place in Mendoza province. ” would that be before or after her own people march to Plaza de Mayo..

    http://www.buenosairesherald.com/article/104259/argentina-will-not-condone-the-coup-detat-cfk

    Jun 23rd, 2012 - 02:21 am - Link - Report abuse 0
  • ElaineB

    Yeah, I read that and thought she could not support a coup when she is likely to be the next target.

    Jun 23rd, 2012 - 03:46 am - Link - Report abuse 0
  • British_Kirchnerist

    #33 Is it not perhaps right in principle to not support coups?!

    Jun 23rd, 2012 - 08:46 am - Link - Report abuse 0
  • LEPRecon

    @334 - BK

    Your statement makes no sense. ElaineB's does, but yours doesn't.

    Reread what you have written, and you will see that it is nonsensical.

    However, BK, when the poor workers rise up in revolt against this evil government who has stolen all their money and ruined their lives, I'm sure you will be supporting them. After all, that's what self-proclaimed socialists like you do isn't it?

    When you're beloved CFK and her inept cronies have been lynched in the Plaza de Mayo, will you be cheering on the poor downtrodden workers?

    Jun 23rd, 2012 - 09:26 am - Link - Report abuse 0
  • yankeeboy

    35. He has seen the mask fall off of CFK and all he's got left is gibberish. Here is hoping for a black out in BA on Wed just to get the party going!!

    Bang Bang Bang on the pots people.

    BTW do coups have a domino effect anymore?

    Jun 23rd, 2012 - 11:04 am - Link - Report abuse 0
  • Self Determination

    After the collapse of the Argentine economy, what if if the Falklands were inundated with Argentine boat people ? Would we turn them back ?
    Could we stop them?

    Jun 23rd, 2012 - 12:57 pm - Link - Report abuse 0
  • yankeeboy

    The RG embassy folks are trying to get US State to re-institute the visa waiver program...I'm pretty sure they laughed in their face.

    Jun 23rd, 2012 - 01:05 pm - Link - Report abuse 0
  • British_Kirchnerist

    #35 My comment makes perfect sense, Elaine is imputing nefarious motives to Cristina for....supporting democracy! But in fact there is an element of self interest in this, as in all solidarity, because to paraphrase the old German pastor “first they came for Lugo...” and the same anti-democratic forces surely have Cristina in their crosshairs too (thats probably why Moyano, the phoney trade unionist, scents blood and is trying to go in for the kill). Elaine supports them, I support the people's choice, Cristina and Lugo

    Jun 23rd, 2012 - 01:06 pm - Link - Report abuse 0
  • LEPRecon

    @37 - Self Determination.

    Actually the UN would have to stop them, because the UN has put strict controls on emigration to the Falklands to prevent one side or the other from 'stacking the deck'. At most they could be given refugee status, but would be removed sooner, rather than later back to the mainland.

    Argentine 'boat' people would be turned away, with a terse 'go to Uruguay or Chile', which are the most logical choices.

    Besides, they'd have to get to the Falklands first, and despite what the Malvanistas believe, it isn't just off the coast of Argentina, and any 'boat' people would have to brave 300 miles of South Atlantic ocean, which is unpredictable in the summer and even more so in the winter.

    They'd have to be really brave to do that and most people would only attempt it if they had no other option, which in the case of Argentina they would: Chile, Uruguay, Brazil, Boliva etc... The chances are they wouldn't get more than a few miles from the coast of Argentina before needing rescue.

    Jun 23rd, 2012 - 01:11 pm - Link - Report abuse 0
  • yankeeboy

    39. Aren't the union workers people? Do you mean not the right people do you mean the middle class protesters don't count?

    Idiots have a hard time with logic when all of their beliefs are proven wrong huh?

    Ding Dong...The witch is.... is that a helicopter I see going to Olivos?

    Jun 23rd, 2012 - 01:12 pm - Link - Report abuse 0
  • Self Determination

    @40 LEPRecon
    Good to know, but there are plenty of underused Argie fishing boats tied up in port.It wouldn't happen until the summer anyway.The UN is a bit of a toothless wonder.
    1 Fishery protection boat and a destroyer aint enough.What about ex pats if it turned nasty?(700,000 I know most would go to UK).But it could be a substantial number.
    You cant rule anything out with that crazy country and have strategies in place.

    Jun 23rd, 2012 - 01:43 pm - Link - Report abuse 0
  • ElaineB

    B-K doesn't know what I support, he just assumes.

    Does CFKC support democracy? Is it democracy when a substantial proportion of voters are bought? CFKC rules over a Kleptocracy and now she has bled the country dry she will flee. I think the cancer that wasn't cancer was going to be her exit story but that one didn't pan out. A less dignified exit is on the cards now.

    Jun 23rd, 2012 - 03:33 pm - Link - Report abuse 0
  • LEPRecon

    @42 - Self Determination.

    Argentina's economy is always collapsing. It happens about once every 10 years or so. They can't help themselves, they keep voting in corrupt people, whose only goal appears to be to grab as much money as they can before it all implodes again.

    I doubt this would be any different than 2001, they'll default yet again on the debts and blame everyone in the world except themselves. That appears to be Argentina's standard operating procedures. There was no mass exodus then, and I doubt there'd be one now.

    It's a shame really, 'cos they produce plenty of food and have enough natural resources to make them one of the richest countries in the world, they are just completely inept at developing these resources, and steal foreign owned companies that could develop these industries for them.

    Argentina is its own worst enemy.

    Jun 23rd, 2012 - 04:00 pm - Link - Report abuse 0
  • reality check

    Anyone think that when the bubble bursts, as it must surely do, this will be worst than 2001. Who is going to step in then? Brasil?

    Jun 23rd, 2012 - 11:47 pm - Link - Report abuse 0
  • British_Kirchnerist

    #43 “I think the cancer that wasn't cancer was going to be her exit story but that one didn't pan out”

    What a bizzare conspiracy theory! Can you elaborate on why it didn't pan out, did she get cold feet? Why would she ever have been wanting to make an exit just after her sensational and historic election victory?!

    Jun 24th, 2012 - 01:19 pm - Link - Report abuse 0
  • yankeeboy

    45. Nobody will stop in, Argentina will be made an example of what happens to a rogue state. The Int'l community will let them stew until the next Prez goes begging to the IMF. The IMF lesson was learned in the 90-00 with them, austerity 1st then U$..the problem they had last time is U$ with promises of austerity that never materialized. Can't trust an RG promise.

    Jun 24th, 2012 - 03:18 pm - Link - Report abuse 0

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