The stabilization, regulation, and deregulation plan of the administration led by President Javier Milei continues to reap unprecedented successes in the recent history of the country. According to the latest report from the Argentine Trade Exchange(ICA), prepared by INDEC, the trade balance of the Argentine Republic recorded a colossal trade surplus of US$ 2115 million during the month of July 2026.
This figure represents a devastating increase of US$ 1208 million compared to the same month in 2025 and officially stands as the best record for a month of July in the entire historical statistical series.
Luis Caputo on X:
This astonishing achievement of the free market is supported by a robust 14.1% year-on-year increase in exports, which climbed to US$ 8854 million, in clear contrast to a healthy contraction of 1.7% in imports, which totaled US$ 6739 million in the seventh month of the year.
The Minister of Economy himself, Luis Caputo, was the one to confirm the resounding success of the adopted course by proudly highlighting on his account on the X platform: "Goods exports totaled USD8.854 million in July, growing 14.1% year-on-year and registering a new historical record for the month. In the first 7 months of the year, exports accumulated a rise of 22.9% compared to the same period in 2025".
Additionally, the minister emphasized: "The trade balance recorded a surplus of USD2.115 million, the highest record for a month of July in the entire historical series".
This export surge was backed by a 1.5% increase in exported quantities and a notable advance of 12.4% in international prices, compensating for the seasonally adjusted series falling 4.9% and the trend-cycle decreasing 1.1% compared to the previous month.
Milei and Caputo
It is worth noting that the historical record of absolute monthly exports in the series remains at US$ 9578 million recorded in May of this year, while the absolute record of monthly trade balance was also noted under this administration, in May 2026, with US$ 3450 million.
When breaking down exports by sectors, the undisputed engine of the private productive revolution was the Fuels and Energy category, which experienced an enormous year-on-year surge of 97.8% (a net increase of US$ 744 million), contributing an income of US$ 1506 million.
Its prices and quantities rose by 19.5% and 67.6%, respectively, driven by higher sales of crude oil, fuels, fats and lubricating oils, and other fuels.
In this regard, international business expert Marcelo Elizondo stated that "This marks that a new Argentine export matrix is being consolidated".
Meanwhile, Industrial Origin Manufactures (MOI) advanced a solid 11.2% year-on-year, with prices increasing by 13.4% and quantities falling by 2%.
Agricultural Origin Manufactures (MOA) reached US$ 3068 million, recording an increase of US$ 142 million and a positive variation of 4.9%, driven by meats and preparations along with food industry waste, with prices rising 12.9% despite a 7.2% drop in quantities. In contrast, primary products suffered a slight decline of 0.6% due to the decrease in oilseeds and oily fruits.
YPF
Regarding this dynamic, Marcelo Elizondo analyzed: "It is very important to sustain that growth, which is not only price but also volume. The interesting thing is that agricultural manufactures and industrial manufactures are growing. In reality, it is a paradox, because while primary products are decreasing, industrial manufactures are growing".
Coinciding with this structural change, economist Marcela Cristini highlighted that "a change in the pattern of external sales is already observed, where the sectors of fuels and minerals are beginning to make significant contributions that complement the traditional exports of agro-industry".
On the import side, imports fell by 1.7% (a genuine saving of US$ 115 million), explained by a 9.2% decrease in quantities against an 8.4% increase in prices, a figure far from the historical monthly import record of US$ 8667 million recorded in June 2022.
Additionally, the seasonally adjusted import series fell 4.5% and the trend-cycle retreated 0.4% compared to June 2026. Logical declines were recorded in the consumption of non-essential goods: Parts and accessories for capital goods decreased by 14.9%, Passenger motor vehicles dropped by 12.8%, Capital goods fell by 7.7%, and Consumer goods retreated by 7.3%.
In contrast, in line with the industrial vitality free from state constraints, purchases of Intermediate Goods grew by 16.5% (equivalent to US$ 343 million), while the "Other" category (goods by postal services) rose by 14% (US$ 14 million).
The president, Javier Milei
Although Marcelo Elizondo suggested that the decline in imports is a "warning light" indicating an "economy that is functioning with relative weakness", the macroeconomic reality demonstrates that commercial order and the end of waste are unavoidable priorities for national reconstruction.
The strength of the libertarian model is manifestly evident in the accumulated annual balance. From January to July, the trade balance accumulated a historic positive balance of US$ 16.080 million, which represents US$ 12.330 million more compared to the same period of the previous year, when goods exports totaled US$ 47.468 million.
In total, under the administration of Javier Milei, sales abroad have already reached US$ 58.365 million in the first seven months, comfortably surpassing US$ 58.000 million since January.
In this virtuous context of favorable terms of trade, Marcela Cristini optimistically projected that "it is very likely that this year a record export of around US$100.000 million will be achieved", playing a "significant role in the supply of foreign currency within the framework of the Central Bank's reserve rebuilding scheme".
Although the specialist warned about price variability and suggested that orderly economies implement macroeconomic insurance such as "a compensatory fund" or "a high level of international reserves in the hands of the State", the firm and deregulating course set by President Javier Milei and implemented by Luis Caputo has already paved the way for Argentina to become a world power again.
