Argentine exports in September experienced their largest drop since the 2009 financial crisis totalling 6.818bn dollars or 12% less than the same month a year ago, according to the latest report on the country’s foreign trade released by INDEC.

Commodities sales overseas plummeted 27% in September mainly because of a poor performance by grains and oilseeds. Manufactured goods fell 10% with significant drops for the metal, paper and cardboard, printing and chemical sectors. Agro-manufacturing was down 6%, but fuel and energy was up 2%.

On the imports side, they dropped 14% compared to September 2011, the eighth month on a row totalling 5.905bn dollars. Intermediate goods were down 23% and consumer goods, 21%. Capital goods, fuel and lubricants slid 3%.

“Imports of passenger cars decreased because of lesser purchases, particularly from Brazil”, points out INDEC. Brazil is Argentina’s main trade partner and a leading market for manufactured goods.

With this result the Argentine trade balance in September enjoyed a surplus of 911 million dollars, which is 1% over the same month a year ago.

In the nine months the trade balance has accumulated a surplus of 10.9bn dollars, which is above the target for the twelve months and is equivalent to a 34% increase over the same period in 2011.

MercoPress