Argentina's Trade Surplus Widens To $1.4Bln Despite Fall In Exports, Imports - Institute

Argentina's Trade Surplus Widens to $1.4Bln Despite Fall in Exports, Imports - Institute

Argentina's trade surplus has widened to $1.4 billion, up from $1.1 billion in March, despite a fall in both imports and exports in the preceding month, the National Institute of Statistics and Census of Argentina (INDEC) said in a report on Thursday, after two leading rating agencies this past week said that the country was in default

BUENOS AIRES (Pakistan Point News / Sputnik - 28th May, 2020) Argentina's trade surplus has widened to $1.4 billion, up from $1.1 billion in March, despite a fall in both imports and exports in the preceding month, the National Institute of Statistics and Census of Argentina (INDEC) said in a report on Thursday, after two leading rating agencies this past week said that the country was in default.

According to INDEC, Argentina's exports totaled $4.3 billion in April and imports added up to $2.9 billion.

Compared to the previous month, Argentina's exports in April fell by 18.9 percent and imports by 30.1 percent, the institute said.

INDEC stated that certain sectors of the Argentine economy are feeling the impact of the COVID-19 outbreak as car and fuel exports fell by 57.6 percent and 33.9 percent, respectively.

The institute also noted that exports to the country's largest trading partners, Brazil and the United States, have fallen dramatically over the past month. Exports to Brazil declined by 57.3 percent in April and the corresponding fall in exports to the US was 25.3 percent, INDEC stated.

However, the institute observed a significant rise in Argentina's export trade with China and India, which increased by 50.6 percent and 67 percent, respectively.

According to the International Monetary Fund, Argentina's GDP is projected to contract by 5.7 percent amid the economic disruption caused by the ongoing COVID-19 outbreak. The country has already been in recession for two years prior to the epidemiological crisis and rating agencies Fitch and S&P this past week officially designated Argentina as being in default.