Argentina’s trade surplus widened to a record $3.5 billion in May 2026 from $607 million a year earlier, well above forecasts of a $2.2 billion surplus and marking the 30th consecutive month of positive trade balances. Exports surged 34.4% year-on-year to a record $9.5 billion, with all categories posting gains. Fuels and energy led the increase, soaring 167.1% on higher crude oil and fuel exports. Primary products rose 22.5%, led by oilseeds and oleaginous fruits. Manufactures of agricultural origin increased 20.5%, supported by stronger shipments of fats and oils, meat products, and food industry waste, while industrial manufactures advanced 20.1%, led by chemical products. Imports fell 7.0% to $6 billion. The sharpest decline came from fuels and lubricants, down 32.9%, followed by parts and accessories (-26.6%), passenger vehicles (-21.3%), capital goods (-6.8%), and consumer goods (-2.3%). Intermediate goods were the only major category to rise, increasing 8.6%.