Argentina closed January with a trade surplus of 1.987 million, slightly higher than the 1.825 billion of the same month in 2025, thus marking 26 consecutive months with a positive balance. Total trade, including exports and imports, grew 3,9% year-on-year, up to 12.128 billion dollars, according to Indec.
Exports
Exports reached 7.057 milliona advance of 19,3%driven primarily by higher volume (18,5%), while prices barely rose 0,7%. Almost all the items All products grew in value, with the exception of fuels and energy, which declined by 14,1% due to lower international prices. Primary products (PP) registered record growth by volume (35,4%), manufactured goods of industrial origin (MOI) advanced by 37,0%, driven by a price increase (20,3%), and manufactured goods of agricultural origin (MOA) grew moderately (10,1%), balancing volume and prices.
Amongst the main destinations, The United States led exports, accounting for 67,9% of the total, followed by China (+44,4%), the European Union (+30,0%), and India (+34,9%), while trade with Brazil decreased by 16,2%. The Middle East represented 7,9% of exports, driven mainly by primary products and agricultural manufactures.
Imports
Meanwhile, imports totaled 5.070 million, showing a year-on-year drop of 11,9%This was mainly explained by a lower import volume (-12,1%), while prices remained stable (+0,2%). economic uses The most affected sectors were intermediate goods, fuels and lubricants, and parts and accessories for capital goods, which declined in both value and quantity. Capital goods saw a decrease in volume, although higher prices partially offset the drop in value. In contrast, consumer goods experienced moderate growth due to increased volume, and motor vehicles stood out with a record increase in quantity (+180,7%), more than doubling their value (106,6%) despite a decline in unit prices (-26,2%).
As for origins Of the imports, declines were recorded from Brazil (-25,7%), India (-23,9%), China (-6,4%) and the United States (-7,0%), while purchases from the European Union increased 12,6%.
In summary, the increase in export volumes and the diversification of destinations highlight the strong performance of the export sector, while the drop in purchases of certain items reflects adjustments in domestic demand and international prices, consolidating a balanced start to the year for the trade balance. (ITechnical Report. January 2026. Indec)
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