BUENOS AIRES: Argentina’s current account deficit widened 7.9 percent to $5.07 billion in 2014 as Latin America’s third-biggest economy eked out meager 0.5 percent growth, official data showed.
Exports fell 11.9 percent from 2013 to $71.94 billion, hurt by low international prices for Argentine soy, wheat and corn as well as weakened demand in key trading partner Brazil, where economic growth is also stagnant.
Imports fell at a similar pace of 11.5 percent to $62.45 billion as Argentine authorities restricted the amount of dollars available to businesses in order to shore up the central bank’s low foreign reserves.
The current account is the broadest measure of a country’s foreign transactions, encompassing trade, services and an array of financial flows, including interest payments.
The Economy Ministry said Argentina posted a $6.42 billion surplus on trade and services, but that the total outflow of income was $11.40 billion.
