Argentina records trade surplus of US$11 billion in 2025, despite imports jumping 25%

First, the good news: for the second year running, the Milei government achieved a trade surplus in 2025, with a positive balance of US$11.286 billion, according to Argentinas statistical institute, INDEC. This is also the second year of twin surpluses, as Economy Minister Luis Caputo had already announced that 2025 closed with a primary fiscal surplus of AR$11.7 trillion, equivalent to 1.4% of GDP. December finished with a US$1.9 billion surplus, the second highest figure of the year, only surpassed by the November surplus. It means Argentina has accumulated 25 consecutive months with a trade surplus, which coincides exactly with the length of Javier Milei’s term as president. Exports of goods totaled US$87 billion in 2025 close to the 2022 record of US$88 billion. Thats a 9.3% increase compared to 2024.  However, even with that rise, last years trade surplus was 40% lower than the previous year, when it reached almost US$18.9 billion. This is because imports increased even more than exports, recording a year-on-year growth of 24.7% (for a total of US$75.8 billion). The numbers reflect President Mileis greater trade openness.  But some experts say the lower trade surplus in 2025 is also explained by the fact that the first year of the libertarian government was marked by a deep recession and by import controls still in place, which artificially inflated the surplus. A record volume of agricultural and energy exports is behind the surge in exports, with higher sales of soybeans, meat, oil and gold compared to 2024.