Argentina’s trade surplus continued its upward trajectory in November,reaching $2.5 billion – the largest as May of last year – marking the 24th consecutive month of positive trade balance for the nation. Driven by strong export volumes in agricultural products and energy, the November surplus substantially exceeded both last year’s figures and market expectations, according to data released Wednesday by the INDEC. The sustained performance offers a key economic indicator for Argentina, a nation currently navigating ongoing economic reforms and seeking to stabilize its financial standing.
Argentina’s trade balance posted its largest surplus since May of last year, reporting a nearly USD $2.5 billion surplus for November, the INDEC reported Wednesday. This marks the country’s 24th consecutive monthly surplus, signaling continued strength in its export sector.
Total exports reached USD $8.096 billion in the ninth month of the year, a year-over-year increase of 24.1%. This growth was driven by a 28% rise in export volumes, despite a 3% decrease in prices. Seasonally adjusted data showed a 12% increase compared to the previous month, indicating sustained momentum.
Imports totaled USD $5.249 billion, a 6.6% increase compared to the same period in 2024. This represents the smallest increase since November 2024, suggesting a moderation in import demand. Both volumes and prices rose, increasing by 6.1% and 0.4% respectively, while seasonally adjusted data registered a 6.9% decrease.
The trade surplus for October stood at USD $2.498 million, an increase of USD $1.221 million compared to the same month in 2024. The terms of trade index decreased by 3.5%, reflecting a deterioration in relative export prices.
Economy Minister Luis Caputo highlighted the November surplus, stating it was “almost double that of last year and almost four times what the REM (Market Expectations Survey) had projected,” which estimated a surplus of USD $673 million.
Agricultural Products and Energy Boost Exports
Primary Products saw a significant increase of 87.1%, reaching USD $938 million – the highest value since December 2021. Volumes increased by 92%, while prices decreased by 2.6%. Oilseeds led the gains, rising to USD $817 million.
Fuel and Energy exports grew by 52.8%, representing a year-over-year difference of USD $348 million. Volumes increased by 67.7%, while prices fell by 8.7%. “The energy trade balance was USD $860 million in November 2025, accumulating a surplus of USD $7.790 billion in the last 12 months,” noted Salvador Vitelli, an economist at Romano Group. This strong performance in the energy sector is a key contributor to the overall trade surplus.
Sales of Industrial Origin Manufactures reached USD $2.318 million, a positive variation of 14.5% compared to the same period last year, reflecting an increase of USD $293 million in exports from this sector. Volumes rose 15.0%, while prices fell 0.3%.
Manufactures of Agricultural Origin were a notable exception, decreasing by 0.4%, or USD $10 million compared to November 2024, due to a 1.6% decrease in prices, despite a 1.3% increase in volumes.
Argentina’s Main Imports
Imports of Passenger Vehicles increased by 68.1%, representing an additional USD $207 million in imports compared to the same period last year.
Imports related to Consumer Goods reached USD $916 million, growing 23.9% compared to November 2024. Capital Goods registered a growth of 13.1%, adding USD $122 million in this category.
Fuels and Lubricants saw a year-over-year increase of USD $17 million, with a positive variation of 12.9%. However, the category with the largest increase was “Other,” with 240.6% and USD $70 million, primarily due to increased purchases of goods dispatched via postal services (couriers).
Conversely, Parts and Accessories for capital goods showed a negative variation of 13.4%, a decrease of USD $167 million compared to the same month last year. Similarly, Parts and Accessories for transport equipment experienced the largest decline of all economic uses, totaling USD $102 million.
