Argentina posts record May trade surplus of $3.5 bn, driven by energy and mining exports

In May 2026 Argentina recorded a commercial surplus of US$ 3.504 billion, the highest ever documented, marking the 30th consecutive month of a positive balance. Exports reached US$ 9.537 billion, up 34.4% year‑on‑year, led by a 167% surge in fuels and energy and strong growth in primary products and agro‑based manufactures. The trade surplus was bolstered by a record US$ 1.543 billion surplus in the fuels‑energy segment.

Imports fell 2.5% year‑on‑year to US$ 6.033 billion, with the sharpest declines in capital goods, machinery and vehicle parts, reflecting a slowdown in productive investment. The fiscal accounts also showed a financial surplus of 478.6 billion pesos in May, roughly 0.2% of GDP.

Economists such as José Luis Flaja and Ramiro Tosi warned that the surplus rests on a commodity boom and a drop in productive imports, raising concerns about long‑term structural constraints and the sustainability of growth without further investment.

The Central Bank of Argentina (BCRA) reported a record inflow of US$ 17.605 billion in foreign exchange during the first quarter of 2026, generated by the agro‑industrial, mining and energy sectors, reinforcing the country’s reserves and providing additional stability to the exchange market.