Argentina’s trade surplus narrowed to USD 0.988 billion in July 2025, down from USD 1.459 billion a year earlier, yet the highest surplus of the year and above market expectations of USD 0.690 billion. Imports rose 17.7% year-on-year to USD 6.738 billion, driven by significant increases in shipments of capital goods (+51.9%), consumer goods (+47.6%), passenger motor vehicles (+135.3%), and parts and accessories for capital goods (+19.4%), while intermediate goods fell 5.6% and fuel and lubricants imports dropped 25.1%. Meanwhile, exports rose 7.5% to USD 7.727 billion, amid gains in primary products (+22.8%) and industrial manufactures (+4.7%), supported by a 5.3% increase in agro-industrial manufactures and partly offset by a 9.7% decline in fuels & energy. For the year-to-date through July 2025, the trade surplus stood at USD 3.750 billion, down from USD 12.201 billion in the same period of 2024.