Argentina posts May fiscal surplus and record $3.5 bn trade surplus

Argentina’s Treasury reported a fiscal surplus for May 2026. The primary balance was AR$1.92 trillion and the financial surplus AR$478.6 billion, representing roughly 0.2 % of GDP and 0.7 % of primary surplus. Total revenues rose 27.8 % year‑on‑year to AR$14.5 trillion, while primary spending was AR$12.6 trillion. The surplus relied heavily on cuts to public works, subsidies and transfers to provinces; private analysts warned that the margin is narrowing and that higher tax collection will be needed to sustain the balance.

The external sector recorded a historic trade surplus of US$3.504 billion in May, the largest for a May in more than two decades and the 30th consecutive month of a positive balance. Exports hit a record US$9.537 billion, up 34.4 % YoY, driven by a surge in energy (especially crude oil and petrochemicals), agriculture, mining and industrial goods. Imports fell 7 % to US$6.033 billion, reflecting weaker domestic demand. The strong export performance helped Argentina accumulate a cumulative trade surplus of US$11.783 billion for the January‑May period.

Government officials highlighted that the results meet the IMF‑requested primary‑surplus target for June and underscore the current economic program’s focus on generating foreign‑exchange earnings. However, analysts stress that continued fiscal discipline and a rebound in tax revenues will be crucial for maintaining the surplus in the second half of the year.