In 2025 there was a record surplus of US$ 7,815 million

Exports reached US$ 11,086 million, an increase of 12.8% year-on-year, while imports fell 18% and reached the US$3,271 million.

This result supported general exports, which closed last year at US$ 87,077 million and allowed a balance to be achieved in favor of US$ 11,286 million40% lower than the record that had been achieved in 2024.

Last December, Argentina put together 25 consecutive months of positive commercial results and thus accumulates US$30,213 million in the last two years.

“This was the second consecutive year with a trade surplus, with an increase in exports in all major items. In general terms, growth was moderate and was more associated with larger quantities, in a context of falling prices. On the import side, the acceleration responded to a recomposition of volumes and was verified in most economic uses; The exception was the component linked to energy, which accumulated a drop for the third consecutive year, with a total loss of US$738 million in 2025,” says the consulting firm ACM.

“Looking to 2026, our base scenario contemplates expanding exports, with a level greater than US$ 90,000 million, driven mainly by the agroindustrial complex and a growing contribution from the energy sector; while imports would also grow, although at a lower rate than that registered in 2025, with a level around US$ 80,000 million,” adds ACM.

“In this framework, the energy front would continue to be a relevant support: In the last 12 months, the energy surplus is around US$7.8 billion, with energy exports around 1.5% of GDP and imports contained around 0.5% of GDP,” they conclude.

Abeceb also highlights that this year energy exports will have a central role. “Going forward, exports are expected to continue to grow, although at a slightly slower rate than in 2025, thanks to a energy sector deepening its role as a new structural engine of Argentine exports and the agroindustrial complex maintaining itself as an export pillar, under a neutral climate scenario.”

“In our base scenario we see a trade balance that in 2026 remains in positive territory, with a surplus of slightly smaller magnitude than that recorded in 2025, in the range of US$9,000 and US$10,000 million”, Abeceb postulates.