Argentina’s trade surplus widened to a record $3.5 billion in May 2026, up from $607 million in the same month a year earlier and far exceeding market expectations of a $2.2 billion surplus. This marked the 30th consecutive month of positive trade balances.
Exports jumped 34.4% year-on-year to an all-time high of $9.5 billion, with every major category registering gains. Fuels and energy led the expansion, soaring 167.1% on the back of higher crude oil and fuel shipments. Exports of primary products climbed 22.5%, driven primarily by oilseeds and oleaginous fruits. Manufactures of agricultural origin increased 20.5%, supported by stronger sales of fats and oils, meat products, and food industry by-products, while industrial manufactures rose 20.1%, led by chemical products.
Imports, by contrast, fell 7.0% to $6 billion. The steepest contraction was recorded in fuels and lubricants, down 32.9%, followed by parts and accessories (-26.6%), passenger vehicles (-21.3%), capital goods (-6.8%), and consumer goods (-2.3%). Intermediate goods were the only major import category to rise, posting an 8.6% increase.
