Argentina recorded a trade surplus of USD 2.523 billion in March 2026 and accumulated 28 consecutive months with a positive balance, according to a report released Monday (20/04/2026) by INDEC.
The result represented a year-on-year increase of 304,9% compared to March 2025, driven mainly by strong export growth and a much more moderate evolution of imports.
Exports totaled USD 8.645 billion, an increase of 30,1% year-on-year, while imports totaled USD 6.122 billion, an increase of just 1,7% compared to the same month last year.
Exports
Export performance was mainly explained by higher quantities sold abroad (+25,3%) and, to a lesser extent, by better prices (+3,9%).
By sector, primary products (PP) stood out with a 56,2% increase in value, driven by a strong rise in volume (+62,7%), although prices fell (-3,8%). Manufactured goods of industrial origin (MOI) grew by 26,4%, with improvements in both prices (+10,8%) and volume (+13,6%). Meanwhile, manufactured goods of agricultural origin (MOA) advanced by 18,9%, with increases in both prices (+9,7%) and volume (+8,5%).
Regarding destinations, Brazil remained the main market with a 12,2% increase. It was followed by the United States (+31,9%), China (+139,3%), and India (+76,7%). Significant increases were also seen in exports to the European Union (+31,9%), Mercosur (+10,8%), Chile (+5,7%), and the ASEAN region (+59,9%).
Imports
Imports grew by just 1,7% year-on-year, driven exclusively by prices (+5,8%), while quantities fell by 3,7%.
By category, intermediate goods (+10,2%), consumer goods (+6,6%), capital goods (+4,5%), and passenger vehicles (+17,3%) increased. In contrast, fuels and lubricants (-38,5%) and parts for capital goods (-18,1%) fell.
Geographically, purchases from Brazil (-7,7%), China (-5,3%), the European Union (-4,1%) and India (-37,8%) decreased, while the United States showed an increase of 3,5%.
Analysis
What should you look at closely in the numbers? Consulted by Customs News, Specialist Gustavo Fadda pointed out an asymmetry between expanding exports and import saturation.
In that regard, he explained that this dynamic is due to a phenomenon of overstocking: “The market is paying the price for overcapacity. Many medium and large companies, in an attempt to protect themselves from uncertainty or due to miscalculations in projected demand, incurred massive overstocking,” explained the international trade consultant.
In that regard, he added that the surplus “It is not just a balance sheet figure, but a symptom of the complex logistical and financial readjustment that the import sector is undergoing and of the recovered power of agriculture".
Gustavo explained that export growth is driven by volume, with a 25,3% increase in quantity, reflecting “a real recovery in exportable supply.” In contrast, he noted that imports are showing a slowdown in volume and a phenomenon of accumulated overstock.
According to him, this situation translates into bonded warehouses and free trade zones at capacity limit, immobilized merchandise and higher financial costs, with a change from the “just-in-time” scheme to a “just-in-case” model that saturates the logistics chain.
Finally, Gustavo Fadda concluded that the March surplus reflects a growing asymmetry between an expanding export sector and an import system conditioned by physical, financial and planning constraints.
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