Argentina posts historic US$2.71 billion trade surplus as exports hit record

All export categories posted higher sales: primary products rose 25%; manufactured goods of agricultural origin increased 14.1%; manufactured goods of industrial origin advanced 43.3%; and fuel and energy sales climbed a significant 85.9%. The latter reached a record US$1.554 billion, up US$718 million, or 85.9%, from April 2025. “This performance was mainly driven by increased exports of crude oil and fuels. Exported volumes grew 53.2%, while prices rose 21.3%,” Indec said.

The following breakdown outlines Argentina’s top ten containerized exports during the first quarter (Q1) of 2026, based on container throughput data compiled by Datamar:

Top Argentine Exports | Q1 2026 | TEUs

Source: DataLiner (click here to request a demo)

According to consultancy Abeceb, the record harvest, stronger mining activity and higher energy prices support estimates that “exports will reach US$100 billion this year, with a surplus of almost US$20 billion, above all previous expectations and nearly double the 2025 trade surplus of US$11.32 billion.”

Economy Minister Luis Caputo celebrated the positive figures in a post on X, saying, among other points, that April saw record values for both total exports and fuel and energy exports, while manufactured goods of industrial origin posted their highest export value since November 2012.

Imports, however, totaled US$6.204 billion, down 4% year on year. The decline reflected not only a 7% drop in volumes, but also a 4.1% increase in prices. Purchases of products and inputs for production fell, with capital goods down 5.9% and parts and accessories for capital goods down 17.4%. Purchases of intermediate goods, however, posted a slight increase of 4.1%.

According to Diego Coatz, executive director of I+D, or Industry and Development, and former director of the Argentine Industrial Union, “these are very positive figures for foreign trade, with April exports reaching almost US$9 billion. The entire primary complex and agricultural manufactures are showing very strong numbers. The same is true for industrial manufactures and everything linked to mining.”

On the import side, however, production-related purchases, such as capital goods and parts and accessories, remain “flat,” according to Coatz. The same applies to consumer goods, which were almost unchanged from last year, up 0.8%. Imports of passenger motor vehicles also rose 3%. “There is a record surplus because exports performed extremely well, and that should be celebrated, but activity has not fully picked up, and this situation needs to be monitored,” Coatz warned.

The good news is that purchases of fuels and lubricants fell 45.4%, in line with the increase in exports in that category.

In the first four months of 2026, Argentine goods exports reached US$30.82 billion, up 21.5%, while goods imports totaled US$22.543 billion, down 6.4%. The trade balance posted a surplus of US$8.277 billion, a significant improvement from 2025, when Argentina recorded a positive balance of US$1.275 billion.

For Coatz, the key is to take advantage of the dollars to build reserves, strengthen the Central Bank and be bold in lowering interest rates to stimulate productive activity.

As for Argentina’s trading partners, exports to Brazil increased significantly, although the trade balance remained negative by US$177 million. China, meanwhile, more than doubled its purchases from Argentina, but still recorded a US$706 million surplus despite a decline in Argentine purchases from the Asian giant. The European Union and the United States ranked third and fourth, respectively, with the U.S. leaving Argentina with a US$355 million surplus.

By Paula Urien for La Nación