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CORRECT:Argentina Pres: July Trade Surplus $1.301B;+35% On Yr
Wall Street Journal
August 19, 2009

BUENOS AIRES (Dow Jones)--The Argentine government's trade surplus totaled $1.301 billion in July, up 35% from a year ago, Argentina's President Cristina Fernandez said Wednesday.

For the seven months between January and July, the trade surplus reached $11.12 billion, the president said in a speech broadcast on television.

The government had ramped up spending in the first half of the year as it expanded stimulus programs to offset the slowing economy, a trend that analysts say was exacerbated by extra outlays in the run-up to key June 28 midterm elections.

Moreover, as the economy slowed, Argentine provincial governments racked up higher deficits, requiring the federal government to disburse more money.

-By Matthew Cowley, Dow Jones Newswires; +54 11 4103 6740; matthew.cowley@dowjones.com

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