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Trade between Argentina and Brazil hits new record in 2010

Source: Fox News Latino

Buenos Aires – Trade between Argentina and Brazil in 2010 hit a new record level of $32.95 billion, an increase of 7 percent over the previous high established in 2008, the Argentine government said Monday.

Industry Minister Debora Giorgi in a communique hailed the fact that Argentina's deficit with its main trading partner fell last year by $250 million to $4.09 billion, while the level of trading activity "was almost 10 percent greater."

Argentine exports to Brazil also reached an historic record of $14.43 billion, 9 percent more than in 2008, while imports advanced by five percentage points.

"The data reflect the fact that both countries have managed to broadly overcome the international crisis, deepening (their) productive integration," Giorgi said.

Nevertheless, bilateral trade fell short of the $34 billion that the minister had forecast in November.

Brazil - Latin America's biggest economy - and Argentina are the dominant nations within the Mercosur trade bloc, which also includes Paraguay and Uruguay. Oil-rich Venezuela is in the process of joining the organization.

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