Overview
- Argentina’s small-business retail sales fell 9.1% from October on a seasonally adjusted basis and 4.1% year over year in November, according to CAME.
- Six of seven retail categories declined, led by perfumery (-17%), bazaar/decor (-9.7%) and food and beverages (-5.9%), while pharmacies rose 1.8%.
- Despite November’s setback, year-to-date PyME retail sales remain up 3.4%, yet 60.1% of merchants view the current investment climate as unfavorable.
- Argentina announced a 1–2 percentage point cut to farm export duties, with soy falling to 24%, and set a local-law dollar bond sale targeting roughly $1 billion at a sub-9% yield to help cover January maturities of about $4.2 billion.
- Following the measures, Argentine bonds and equities fell and the country risk edged to around 636 basis points, while Mexico’s consumer confidence index dropped 1.6 points to 44.2 in November, its steepest monthly fall since 2021.