MercoPress. South Atlantic News Agency
Argentina achieves 12-month trade surplus target in August with 10.04bn dollars
Cristina Fernandez making the announcement and defending her policy of restricting imports Argentina's trade surplus rose to 1.64 billion dollars in August, more than double the surplus in the same month a year ago achieving the twelve months target four months ahead, President Cristina Fernandez announced on Thursday.
“The surplus has accumulated 10.040 billion dollars during the first eight months of the year, which has exceeded the volume expected for the whole year” said the Argentine president adding that imports in the period had dropped 17% and exports were up 6%.
Argentina’s trade surplus is widening as imports fall due to government restrictions that have riled many trading partners and prompted complaints at the World Trade Organization.
Argentina's economy is slowing sharply after booming during most of the last nine years. Cristina Fernandez needs a big trade surplus to help increase the central bank reserves used to pay government debt since the country’s access to the global voluntary credit market is limited because of pending debts from the 2001/02 sovereign default and later debt restructuring.
President Cristina Fernandez argues that her administration’s trade policies are geared to ensure local jobs and prop domestic industry as the global economy struggles.
The surplus trade target which was achieved four months ahead of time should come as an encouraging news for local industry which although strongly supporting the government’s trade policy, it is also a victim of the imports’ restrictions running short on some inputs and has asked for more “flexibility”.
This year's budget estimated a surplus of 8.58 billion versus 9.04 billion in 2011.
Argentina's trade surplus was 800 million dollars in August 2011. July's surplus widened 54% as imports dropped for a sixth straight month thanks to government curbs that have infuriated many trading partners, including Mercosur members and neighbouring countries.
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Read all commentslol, so Cristina's cash on hand increases, so she can stay in power....while Argentina's revenue PLUMMETS! Terrible news for Argentina, but great news for Cristina, lol, typical Argentine corruption
Sep 07th, 2012 - 04:19 am 0Well if we do not like her,we kick her out.That is democracy.Better concentrate in the very CORRUPT tory gov in uk.......many brittons are leaving uk..they are fed up
Sep 07th, 2012 - 05:43 am 02 Malvinero1
Sep 07th, 2012 - 06:56 am 0Oh please wake up!!!! NO ONE likes her, her government is probably re-writing the constitution right now to say that she can hang on to power for as long as she likes.
When it comes to the next election, La Campora will be out in force, buying votes for her or, as I suspect will happen, thanks to them, she will be “re-elect through ballot box intimidation”
If you tell us that you like her, you are a liar and if you think that you can vote her out of power then you are an idiot as well.
Don't try and change the subject, we all KNOW that Came-moron and his little bitch Nick Clegg are corrupt. The difference is that we know that AND we can do something about it.
YOU are helpless. Your country is being dragged down a very deep, dark hole AND you are blind to it!!! you are cheering her on while she steals from you and steers your country right back into the dark ages.
Still, you gotta laff innit?
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