Argentina · TRADE
Key Facts
- —What happened Argentina’s trade surplus reached US$2.1 billion in July, with exports up 14.1% and imports down 1.7%.
- —How big July’s US$2,115 million surplus came in under June’s US$2,194 million, while total trade rose 6.7 per cent.
- —The real story Energy trade, driven by Vaca Muerta shale, ran a first-half surplus of US$5,076 million, up 61.7 per cent.
- —The catch June’s monthly energy surplus fell to US$468 million from US$623 million a year earlier, despite export gains.
- —What comes next A Mercosur-Singapore trade deal awaits a Chamber of Deputies vote, after a favorable committee report on August 12.
- —Why it matters The deal, signed in December 2023, could open Southeast Asian markets, but its tariff details remain unpublished.
Exports rose while imports slipped, and a separate trade deal with Singapore moved a step closer in Congress.
Argentina trade surplus reached US$2.1 billion in July, according to the national statistics office. Exports climbed while imports fell, keeping the country in positive territory for another month.
July Trade Figures Released
The Argentina trade surplus stood at US$2,115 million in July 2026, as reported by INDEC, the national statistics institute. Exports reached US$8,854 million, up 14.1% from a year earlier.
Imports, meanwhile, totaled US$6,739 million, a decline of 1.7% compared with July 2025. This combination of rising exports and falling imports widened the trade balance.
The surplus was reported in INDEC’s monthly Intercambio Comercial Argentino report. This official data, published on August 20, 2026, covers all goods trade.
The surplus of US$2,115 million was reported in INDEC’s monthly report, which covers all goods trade. Meanwhile, the report also noted that total trade reached US$15,593 million.
Argentina Trade Surplus Narrows Slightly
Total trade, which is exports plus imports, reached US$15,593 million in July, up 6.7% year on year. This shows that despite the import dip, overall commercial activity remains robust.
In fact, the monthly figures reflect a steady flow of goods across Argentina’s borders. The surplus, however, was slightly smaller than June’s.
However, the July surplus came in under June’s US$2,194 million. This slight dip followed a stronger June.
The July surplus was slightly smaller than June’s, which stood at US$2,194 million. However, the year-on-year growth in exports remained strong at 14.1%.
June Surplus Was Larger
In June 2026, the surplus came to US$2,194 million, with exports at US$9,055 million and imports at US$6,861 million. That month’s total trade was US$15,916 million, up 16.4% year on year.
INDEC described June’s total trade as the highest since August 2022. Therefore, July’s figures, while strong, did not match that peak.
Meanwhile, June’s total trade of US$15,916 million was the highest since August 2022. That peak, however, was not matched in July.
June’s surplus of US$2,194 million was larger than July’s, but the gap was modest. In addition, June’s total trade was the highest since August 2022, a peak July did not match.
Energy Sector Drives Surplus
Energy has been a key engine behind the Argentina trade surplus. In the first half of 2026, the fuels and energy balance posted a surplus of US$5,076 million.
That is a jump of 61.7% from US$3,139 million in the same period of 2025. This growth is largely due to Vaca Muerta, the shale formation in Neuquén province.
Sector exports surged 42.5% to US$6,594 million, while imports held steady at US$1,518 million. In addition, the fuels and energy surplus in the first half of 2026 jumped 61.7%.
This growth was driven by Vaca Muerta’s shale output. Energy exports in the first half of 2026 rose 42.5% to US$6,594 million, while imports held steady.
As a result, the fuels and energy surplus jumped 61.7% from a year earlier.
Monthly Energy Picture Differs
By contrast, the monthly energy surplus in June was smaller than a year earlier. It stood at US$468 million, down from US$623 million in June 2025, even though chapter 27 exports rose 28.5%.
Chapter 27, which covers crude oil and refined fuels, saw exports of US$1,234 million in June. Crude petroleum oils led at US$918 million.
Still, the overall balance narrowed. Although June’s energy exports rose 28.5%, the surplus fell from a year earlier.
This was because imports also increased in that month. In June, energy exports rose 28.5%, but the surplus fell to US$468 million from US$623 million a year earlier.
This was because imports also grew, offsetting the export gains.
Mercosur-Singapore Deal Advances
Separately, a free trade agreement between Mercosur and Singapore moved forward in Argentina’s Congress. A joint committee of the Chamber of Deputies issued a favorable report on August 12, 2026.
The Senate has already given its media sanción, meaning one-chamber approval. The bill now awaits a floor vote in the Deputies, though no date has been set.
The favorable dictamen came after the bill entered the lower house on April 6. Since then, it has moved through committee review.
The favorable committee report came after the bill entered the lower house on April 6. However, the Chamber of Deputies has not yet voted on the agreement.
Deal Brings Bloc Closer to Asia
The agreement, signed in Brazil on December 7, 2023, aims to bring Mercosur closer to the Southeast Asian market. It entered the lower house on April 6 and was referred to two committees.
Imprensa Mercosul said the deal brings the bloc closer to the Southeast Asian market. It also reflects Argentina’s push to widen its trade partners.
The agreement was signed in Brazil on December 7, 2023. However, its full details remain unpublished, including tariff schedules.
The agreement was signed in Brazil on December 7, 2023, and aims to bring Mercosur closer to the Southeast Asian market. Meanwhile, its full details, including tariff schedules, remain unpublished.
Legislative Path Explained
In Argentina, a bill needs approval from both chambers of Congress to become law. The Senate’s media sanción is just the first step, and the Deputies have yet to vote.
The favorable dictamen, or committee report, clears the bill for a floor vote but does not guarantee passage. Therefore, the deal’s fate remains in the hands of the lower house.
After the committee report, the bill is now ready for a floor vote. Still, no date has been set for that vote.
The Senate’s media sanción is just the first step in Argentina’s legislative process. After the committee’s favorable dictamen, the bill now awaits a floor vote in the Deputies.
Trade Outlook Remains Positive
Overall, the Argentina trade surplus shows resilience, driven by energy exports and steady demand. While July’s surplus dipped slightly from June, the trend remains upward.
Meanwhile, the Singapore deal could open new markets for Argentine goods. As a result, the coming months may bring further trade gains.
The July surplus, while slightly smaller than June’s, still reflects a healthy trade balance. Meanwhile, the Singapore deal could open new markets for Argentine goods, boosting future trade.
Frequently Asked Questions
What is the Argentina trade surplus for July 2026?
The Argentina trade surplus was US$2,115 million in July 2026. Exports rose 14.1% to US$8,854 million, while imports fell 1.7% to US$6,739 million.
How does July’s surplus compare with June’s?
July’s surplus was slightly smaller than June’s, which stood at US$2,194 million. June also saw higher total trade, which INDEC called the highest since August 2022.
What role does energy play in the surplus?
Energy is a major driver, with a first-half surplus of US$5,076 million, up 61.7% from a year earlier. However, the monthly energy surplus in June fell to US$468 million from US$623 million.
What is the status of the Mercosur-Singapore trade deal?
The Senate has given its media sanción, and a Deputies committee issued a favorable report on August 12. The Chamber of Deputies has not yet voted on the bill.
Connected Coverage
Sources: INDEC; Infobae; Aduananews; Datalegislativa; La Nación; Imprensa Mercosul; Senado de la Nación.
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