Argentina's trade surplus narrowed to USD 608 million in May 2025, down from a revised USD 2.64 billion in the same month of the previous year, and falling short of market expectations of USD 859 million. Imports surged by 29.4% year-on-year to USD 6.49 billion, driven by significant increases in shipments of capital goods (69.0%), intermediate goods (1%), parts and accessories for capital goods (32.7%), consumer goods (75.1%), and passenger motor vehicles (160.1%). Meanwhile, exports tumbled 7.4% to USD 7.1 billion, amid fewer sales of primary products (-1.4%), agricultural manufactured products (-11.3%), and fuel and energy (-29.2%) being partially offset by increased sales of manufactured products (2.1%). For the first five months of 2025, the trade surplus fell to USD 1.883 billion, down from USD 8.862 billion in the same period of 2024.