Argentina posts ‘historic’ March trade surplus as exports surge

Argentina recorded a “historic” trade surplus of US$2.523 billion in March, as exports surged while imports remained largely flat, according to data released by the INDEC national statistics bureau. 

Exports jumped 30.1 percent year-on-year in March to a record US$8.645 billion, while imports edged up just 1.7 percent to US$6.122 billion. The result was an improvement of US$1.899 billion compared to March 2025 and extended Argentina’s run of monthly trade surpluses to 28 consecutive months.

The overall trade flow rose 16.6 percent year-on-year, reaching US$14.766 billion, underlining a sharp recovery in external demand.

INDEC said the export boom was driven primarily by volumes, which increased 25.3 percent, while prices rose a more modest 3.9 percent. All major export categories posted gains, led by primary products, which climbed 56.2 percent. Cereals stood out within that segment, reflecting a strong agricultural performance.

Industrial manufactures rose 26.4 percent, while agro-industrial exports increased 18.9 percent. Fuel and energy exports reached US$1.235 billion.

The energy sector played a decisive role in the headline figure. The energy trade balance posted a surplus of US$1.096 billion in March, accounting for 43 percent of total surplus.

That result was driven by exports of US$1.235 billion against imports of just US$145 million, highlighting the growing importance of Argentina’s hydrocarbons sector.

In the first quarter as a whole, the energy balance improved by US$294 million compared to the same period last year. According to economist Nadin Argañaraz, the gain was largely explained by lower import volumes, which offset weaker international prices.

Falling global prices shaved US$248 million off the balance, but this was outweighed by a positive “quantity effect” of US$542 million, reflecting higher export volumes and reduced energy purchases abroad.

Brazil, China, the European Union, the United States and India remained Argentina’s main trading partners during the month.

– TIMES/NA