The strong jump in exported quantities and the drop in imports generated a positive balance of USD 2.711 million in April.
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Since the beginning of the Government of Javier Milei, Argentine exports recorded an enormous growth of 45% in physical quantities, a figure that reflects the new dynamics of foreign trade and the direct impact on the balance of trade results.
In April, this performance allowed for a goods surplus of USD 2.711 billion, in a context where a decline in imports was also evident.
The result is part of a trend that, according to the market, could deepen in the coming months. Among the factors explaining these projections are a record harvest and the rise in energy prices.
Javier Milei and Luis Caputo.
According to a report from the consulting firm Invecq, the surplus accumulated during the first four months of the year reached USD 8.277 billion, a considerable improvement compared to the USD 1.275 billion recorded in the same period of 2025. This result represents the highest level for that period since 2009 in real terms.
In April, exports totaled USD 8.914 billion, while imports stood at USD 6.204 billion, which implied a year-on-year improvement of USD 2.496 billion in the trade balance.
The analysis of the evolution of exported quantities shows a marked change in trend starting from 2023, following the assumption of the Government of Javier Milei.
According to the study, the index, with a base of 100 in 2005, reached its lowest level around 100 points that year, but since then it has initiated a sustained growth that brought it to 145 points in April 2026. This value not only constitutes the maximum of the entire series, but also explains the 45% increase since December 2023.
President Javier Milei.
The report highlights that the trade surplus averaged USD 2.100 billion monthly since November, in contrast to the average of USD 686 million in the first ten months of 2025. This performance responds to a combination of exports at peak levels and a contraction in imports.
Regarding the exporting sectors, three of the four main sectors reached historical highs measured by a 12-month moving average. Primary products and agro-industrial manufactures led this performance, while the fuel and energy segment was just 8% below its historical peak, although April marked the highest monthly level recorded.
As for industrial origin manufactures, they remain at levels similar to the recent peaks of 2022 and 2018, although they are 26% below the maximum reached in January 2012.
President Javier Milei.
The improvement in quantities was complemented by an increase in export prices, which grew 6% year-on-year in the first four months of 2026. This factor also contributed to the strengthening of the trade balance.
On the imports side, the trend was the opposite. Imported quantities fell in all months of the year, with an average year-on-year decline of 9.9% and a cumulative contraction of 10%.
In contrast, some segments showed growth. Consumer goods increased by 2% and passenger vehicles recorded a jump of 41%, mainly driven by the entry of Chinese automakers such as BYD, Baic, and Jac into the local market.
One of the most relevant data points was the 32.8% drop in imports of fuels and lubricants. According to the consulting firm, this phenomenon is directly related to the structural change in the country, which shifted from being a net energy importer to an exporter, driven by the development of Vaca Muerta.
