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Macro Watch: Blessed by favourable weather and soil conditions, Argentina’s wine sector shows broad and rapid development, especially in the Andean provinces (Mendoza and San Juan), positioning the country as the fifth largest wine producer and eighth largest wine exporter worldwide. Argentina’s Wine Exports Over the Years Chart provided by: CEIC Data Higher wine prices saw wine exports achieve a historical maximum export value of USD 733.88 million in 2010, growing by 16.3% year-on-year (YoY) despite the 3.04% decline in wine export volume. Average unit price per hectoliter exported by Argentina grew 20.0% last year. Although the share of wine as a percentage of total exports constitutes only 1.07% of the total exports, this figure more than doubled in recent years, rising from 0.47% in 2000. Even so, exports of concentrated must, a component of wine production, declined by 4.8% YoY in 2010. According to the National Institute of Viticulture, the U.S. was the bigge...

Macro Watch: Brazil’s automotive sector showed strength as it displayed record high numbers for automobile assembly in August 2011 in spite of an adverse economic outlook. Brazil saw 325,326 units assembled during August 2011, the highest automobile assembly since 2005. August production figures represented a 5.9% month-on-month or a 5.5% year-on-year increase in automobile assembly during the period. This was supported by robust automobile sales, displaying a total of 2.37 million newly registered automobiles from January to August 2011. Automobile registrations in August continued to display an upward trend, culminating in annual record high registrations since the first quarter of 2011. Automobile: Production and Registration Chart provided by: CEIC Data Meanwhile, the Brazilian government is planning to reduce taxes on industrialized products. Although this proposal is similar to the tax reduction in 2008, the present move differs in objectives. Although taxes w...

Macro Watch: Recent figures from Statistics of Canada show that the country is not immune to the crises experienced by its neighbor, the United States. Canada posted a second quarter annual growth of 1.6%. A decline compared to the 2.2% in the first quarter. Moreover, the unemployment rate inched up to 7.9% in July. Recent GDP figures show that the exports of goods and services slowed down to 0.73% from 5.7% the previous quarter. Nevertheless, domestic consumption remains strong. These figures show that the Canadian economy has not been invulnerable to the problems troubling its major trading partner. Canada has exported around USD 27 billion to the United States every month since January this year. These signs might be attributable not just to U.S. economic problems but also to the slow global economic recovery. However, it cannot be disregarded that the confidence of the country’s main consumer of goods and services abroad continues to decline while 9.1% of its workers...

Macro Watch: As one of the fastest growing economies, Panama is emerging as a leading country in Latin America. This growth is enabling the Central American country to rise above other major economies of the region. The Panamanian economy has different sectors that provide injections to the economy. Some key elements that contribute to the economy’s fast rise are the Panama Canal, the Colon Free Trade Zone, tourism, and investment in construction sectors. Panama GDP Growth, Inflation and Foreign Trade Chart provided by: CEIC Data Nevertheless, this remarkable growth level could have adverse effects. By having more money flow and, consequently, more buying power, domestic demand will increase rapidly. Due to that, supply may not increase at the same level and, hence, prices would rise. The rising prices of oil and raw materials, plus the pressure generated by the increasing domestic demand, could be translated into a higher inflation rate in Panama. Currently, the con...

Macro Watch: The economy of Paraguay, mainly based on raw materials exports, has been showing important growth in the last few years. The main export is soy products, which account for 43% of total exports and represent nearly USD 1,500 million of income. The total exports of the country include 0.5% soy flour, 35% soy grain, and 7% soy oil. Soya Seed Exports of Paraguay Chart provided by: CEIC Data According to the central bank, the value of registered imports represented USD 9,400 million in 2010, while registered exports represented USD 4,500 million, resulting in a trade balance deficit. In addition, the central bank also shows in the balance of payment account that imports were estimated at USD 9,900 million and exports, USD 8,300 million. This gap between registered and estimated exports represents a big challenge for Paraguay—how to reduce the high percentage of black market trades, which are almost half of the real total exports. Another challenge may be a...

Macro Watch: On July 28th, Ollanta Humala swore in as Peru’s new president. During his campaign, Humala promised to increase the state’s role in the economy and to redistribute wealth to Peru’s poor majority. In particular, he announced that he would seek to establish a windfall tax on the key mining sector in order to raise government revenue for social spending. The mining industry accounts for approximately 60% of Peru’s export revenues, due to the fact that Peru is the second largest copper producer and the sixth largest gold producer in the world. As a consequence, the introduction of this new tax is a sensitive matter for the Peruvian economy. Government Revenue from Mining Royalties Chart provided by: CEIC Data At present, the mining companies pay royalties of 1% to 3% of their sales. However, the new tax will be applied to operating profits instead of sales. This significant change is aimed at not affecting the mining investments or companies’ competitivene...

India Data Talk: On September 30, 2011, the Reserve Bank of India (RBI) published India’s balance of payments (BoP) using a new presentation format. The format improves the presentation of India’s BoP by aligning with international best practices. A major part of the BoP report has been compiled based on the IMF’s latest BoP Manual (BPM6) starting from the first quarter of the fiscal year 2010-2011 (April-June 2010), officially replacing the previous BPM5 format. India’s Balance of Payments (BPM6) Chart provided by: CEIC Data During the quarter of April-June 2011, the trade deficit rose by 9.7% to USD 35.4 billion, despite a sharp increase in exports relative to imports. Export goods recorded growth of 47.1% year-on-year (YoY), and imports registered a 33.2% YoY growth during the quarter. In absolute terms, the trade deficit increased by USD 3.1 billion from USD 32.3 billion in the corresponding quarter previous year. Meanwhile, net exports of services rose by 19.1...