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#Argentina's trade deficit increased to $986 million in January, as export growth remains slow. But as @jpmorgan notes in a new report, increased investment is also a factor, as businesses import capital goods to ramp up production.
Remarkably, despite the Vaca Muerta bonanza, @Argentina's energy deficit continues to plague its balance of trade. @jpmorgan estimates that oil production is 18% below the level in 2011, and natural gas is 4% below the 2011 level.
