The Argentine economy in the late 1990s was in an unstable condition and growth was hampered by rising debt and inflation. To counter this problem, the then government deployed measures in the form of increased Argentina trade and exports. However, inflation rates are still high and are an impediment to the country’s overall economic development.
Argentina’s trade surplus, as of May 2009, rose 139% from the 2008 levels to $2.48 billion due to a sharp drop in imports, in the wake of the economic meltdown. The overall exports dropped by 18% in May 2009 to $5.14 billion, while imports fell by 49% to $2.66 billion. The export slump was attributed to lower prices of grains and oilseeds. While the volume increased 6%, export prices fell by 13%. The imports plunged 39% in volume and 16% of value. Purchases of foreign made and capital goods shrank in May 2009. The trade surplus in the first five months of 2009 was $8.33 billion, up by 63% from $5.12 billion in the first five months of 2008.
In January 2010, Argentina’s trade surplus reached $1.22 billion. While exports rose 19% to $4.42 billion in the month due to rising industrial manufacturing sales, imports rose by 16% at $3.21 billion.
Argentina Trade: Exports and Imports
Argentina’s electricity exports were 2.628 billion kWh in 2007 and imports were 10.28 billion kWh in the same period. The oil exports accounted for 314,400 b/d in 2007 and imports accounted for 52,290 b/d. Argentina’s oil reserves were 2.616 billion b/d, according to the January estimates. The natural gas reserves of the nation stood at 441.7 billion cu m according to the January estimates. In 2008, the natural gas exports were 890 cu m and the natural gas imports were 1.3 billion cu m in the same period.
The overall exports in Argentina for 2009 were $58.87 billion in 2009, down from $70.02 billion in 2008. Argentina’s primary export commodities include soybeans, oil, petroleum, wheat, corn and automobiles. The nation’s main export partners are Brazil, China, the US, Chile and the Netherlands.
Argentina’s overall imports in 2009 were $37.61 billion, down from $54.56 billion in 2008. The nation’s primary import commodities include machinery, petroleum and natural gas, plastics and organic chemicals. Its main import partners are Brazil, China, Germany and the US.
Argentina is a leading exporter of agricultural products and is the world’s 3rd largest soy exporter. The manufacturing exports have been boosted by car exports to Brazil.