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Argentina: At half-year, half-empty trade glass
Imports growth decelerated faster than that of exports last month, underpinning a 26.9% y/y increase in June trade surplus to
USD 1.16 bn. On the back of a recovery in grains harvest following last year’s draught, exports increased 7.7% from a year
earlier to USD 7.6bn. In sequential terms, exports declined 2.4% m/m, sa, while imports rose 3.8% m/m, sa. On a 3-month sum,
saar basis, the trade surplus was USD 9.1bn in June, 33% below the surplus of a year-ago period (Chart 2).
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