In February 2025, Argentina's trade balance recorded a surplus of $227 million, representing a USD 1.182 billion reduction compared to the same month last year. This decline in the trade balance was primarily due to a sharp increase in imports, whose growth outpaced that of exports, despite a 7,5% improvement in the terms of trade.
According to the National Institute of Statistics and Census (Indec) reported on Wednesday, despite the year-on-year drop, Argentina managed to chain fifteen consecutive months of surplus in the trade balance.
Exports: growth in volumes, decrease in prices
Exports totaled USD 6.092 billion, with a 12,0% increase in volume, offsetting a 1,6% drop in prices. The main exported items showed increases, particularly primary products with a 21,9% increase in quantities, fuels and energy with an 18,6% increase, manufactures of industrial origin (MOI) with a 10,3% increase in volume, a 15,4% increase in value, and a 4,7% increase in prices, and manufactures of agricultural origin (MOA) with a 4,4% increase in quantities, offsetting a slight 0,8% drop in prices.
Regarding export destinations, growth was notable for Chile (+23,7%), the US (+2,1%), and Brazil (+0,4%), while exports to China (-6,0%) and the European Union (-1,2%) experienced declines. Also notable were strong increases to India (+56%) and Vietnam (+20,5%).
Imports: strong rebound in capital goods
Imports reached $5.864 million, marking a 42,3% increase compared to the same month in 2024. This growth was primarily driven by a 55,4% increase in quantities, although prices fell by 8,5%.
Regarding the applications, the main increases in quantities Imported goods were passenger motor vehicles (+93,2%), capital goods (+83,6%) and their parts and accessories (+58,8%), consumer goods (+80,8%), fuels and lubricants (+38,3%) and intermediate goods (+17,1%), although the latter saw a 3,2% drop in prices.
The origin of imports showed strong increases in purchases from China (+104,0%), Chile (+54,9%), Brazil (+34,0%), the European Union (+32,2%) and the USA (+29,4%).
First two months of 2025
In the first two months of the year, Argentina accumulated a Trade surplus of USD 389 billion, with exports of USD 12.006 million (+9,9%) and imports of USD 11.617 million (+33,0%).
INDEC data reflect an increasingly tight trade balance, with import growth reducing the surplus margin, signaling a scenario of increased pressure on Argentine foreign trade.
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