The trade balance recorded a surplus of USD 204 million in April, representing a year-on-year drop of 88,7% (USD 1.603 million) compared to the same month in 2024, mainly driven by a strong rebound in imports, according to official data.
"This decline is mainly due to the increase in imported quantities, which exceeded those exported, despite the fact that the terms of trade index showed a 2,4% improvement," INDEC reported this Tuesday (20.05.2025/XNUMX/XNUMX).
Trade volume (exports plus imports) increased 17% year-on-year in April, totaling USD 13.124 billion.
Although April's surplus was lower than last year's, Argentina has maintained a positive trade balance for the seventeenth consecutive month.
Exports
Exports totaled USD 6.664 billion in April, which represented a year-on-year increase of 2,3%This growth was mainly due to the increase in exported quantities (3,2%), which managed to offset the moderate rise in prices (0,8%).
Among the various items exported, the primary products Exports of agricultural products grew the most in April, with a 10,8% increase in value, driven primarily by a sharp rise in quantities (9,4%) and, to a lesser extent, by a rise in prices (1,3%). Agricultural manufactures showed a slight decline of 0,4%, as the fall in prices was not offset by the increase in exported quantities. Industrial manufactures rose 5,5%, driven primarily by better prices, although with a slight decrease in quantities. Meanwhile, fuel and energy exports fell 10% in value due to the sharp drop in international prices (-14%), despite the fact that more was exported in quantity (4,5%).
In April, there was an increase in exports to several countries. destinations: European Union (+9,7%), the United States (+8,5%), China (+2,2%), and Chile (+1,2%). Foreign sales to Brazil, its main trading partner, fell 12,1% year-on-year. In contrast, sales to India increased by 86,2%.
Imports
Imports totaled $6.460 million, with a year-on-year increase of 37,3%This increase was explained by an increase in imported quantities (41,9%), which more than offset the fall in prices (-3,2%).
Imported values grew in all countries economic uses, with significant variations in some areas. The most notable were passenger motor vehicles, with a year-on-year increase of 219%, driven exclusively by increased quantities, as prices fell by 4,6%. There was also strong growth in the imported quantities of capital goods (65,6%) and fuels and lubricants (70,1%), although in the latter case there was a sharp drop in prices (-29,3%), which moderated the increase in value terms.
Imports increased from the main origins: Brazil (+53,6%), China (+92,5%), European Union (+16,1%), United States (+1,4%) and Chile (+15,9%).
Four months
Between January and April 2025, Argentina accumulated a Trade surplus of USD 1.265 billion, with exports of USD 25.361 million and imports of USD 24.096 million.
Going forward, maintaining the surplus will require attention to the evolution of global trade, international prices, and the behavior of external demand, in a context of high uncertainty.
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