Argentina Posts Trade Surplus of Just $204 Million in April Amid Surge in Imports

Argentina recorded a trade surplus of $204 million in April — a sharp drop from the $2.6 billion peak in May 2024 and the second-worst result under President Javier Milei’s administration. Analysts attributed the weak performance to a surge in imports.

Expectations of a currency devaluation on April 11, coupled with the adoption of a currency band system, fueled an increase in foreign purchases.

As a result, the first trade data since easing capital controls (“cepo”) and the currency regime shift showed exports growing by just 2.3% year-over-year to $6.66 billion, while imports jumped 37.3% to $6.46 billion.

“The trade balance remains very narrow. It’s the worst commercial result of the last 25 years,” noted Eric Paniagua, economist at Argentine consultancy EPyCA.

“And we have to consider that there was some seasonal effect, from higher grain prices due to the harvest and from exports being cleared at the time. What’s striking is that the balance would have been negative without energy exports, especially oil and mining,” Paniagua added.

The most imported item in April was passenger vehicles, which rose by 204.5%, followed by consumer goods, up 77.7%.

On the export side, after a year-over-year decline in the previous month, shipments rose again, driven by primary goods — agricultural, livestock, and mineral products with little or no processing, which showed the highest growth in April, increasing by 10.8% compared to the same month in 2024.

Source: Valor Econômico

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