Industrial production drops 3.4% in April
According to the Argentine Industrial Union (UIA), national industrial production fell 3.4 percent in April compared to the same month of 2013.
Considering the first four months of 2014, the industry dropped 2.2% versus the same period last year.
The Industrial Activity report published by UIA also forecasts an annual retraction of 2.5%, comparing 2014 with 2013.
In spite of the growth in metal production (11.7%) and oil refinement (6.4%), the majority of sectors (58%) registered a fall according to UIA.
Contractions were lead by the automobile sector (21.6%), cement (7.1), and minerals (4.1%), while industrial exports dropped 24% in April compared to 2013.
Meanwhile, agro-industrial exports were up 11%, lead by oilseed production (17.6%).
Imports decreased 14%, but capital good imports grew 5% due to the newly train formation purchases made by the government.
Fuel imports also decreased 12% in April, while commercial energy deficit contracted 2.7% during the first four months of 2014 compared to the same period last year.