In May 2025, Argentina's trade balance showed a surplus of USD 608 million, in a context of strong increase in imports, according to recently released official data.
During that month, the Exports totaled USD 7.095 billion, while the Imports reached USD 6.488 million, the highest value since October 2023. As a result, trade (the sum of exports and imports) expanded by 7,1% compared to the same month last year, totaling USD 13.583 billion. In this way, the Trade balance showed a positive balance for the eighteenth consecutive month.
Exports
Exports fell 7,4% year-on-year, as a result of decreases in both prices (-1,5%) and exported quantities (-6,0%). Regarding the items, export values for Primary Products (PP), Agricultural Manufactures (MOA), and Fuels and Energy (CyE) decreased. However, Industrial Manufactures (MOI) increased by 2,1%, driven by a 4,1% rise in prices, which offset the drop in export quantities (-2,0%).
Among the main destinations In terms of exports, increases were observed towards Brazil (+3,1%), the European Union (+1,7%), and India (+102,4%). Conversely, declines were recorded in shipments to China (-16%), the United States (-11%), Chile (-29,4%), the UCCA bloc (-20,8%), and Mercosur (-0,1%).
Imports
Imports A year-on-year growth of 29,4%, according to data from INDEC. The increase was primarily explained by a sharp rise in imported quantities, which rose 39,4%, while average prices fell 7,0%.
All economic uses registered increases, except for Fuels and Lubricants, which fell in value by 31,1%, due to both lower prices (-21,5%) and a decrease in quantities (-9,4%). The category that expanded the most was the so-called "Rest", with a jump of 194,8%, driven primarily by the increase in purchases of goods shipped through postal services or couriers. According to INDEC, this category accumulated transactions worth USD 45 million, which could reflect the sustained boom in international e-commerce.
As to origin of imports, increases were recorded from all major trading partners: purchases from Brazil increased by 56,3%, from China by 62,4%, from the European Union by 25,7%, from the United States by 14,5%, from India by 5,8%, from Mercosur by 36,6%, and from the UMSCA countries by 4,6%, reflecting a recovery.
First five months
Between January and May 2025, Argentina accumulated a Trade surplus of USD 1.883 billion, resulting in exports of USD 32.467 billion and imports of USD 30.584 billion. This performance marks a strong recovery compared to the same period in 2023, when trade had shown a deficit of USD 6.925 billion.
In closing:
In May 2025, Argentina recorded a trade surplus of USD 608 million, driven by a sharp increase in imports and foreign trade growth, with a notable boom in e-commerce. Although total exports declined, they grew to Brazil, the European Union, and India. The central challenge is to maintain this balance while regaining export competitiveness in an increasingly complex global context.
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