Argentina recorded a trade surplus of $2.11 billion in July 2026, exceeding the $1.85 billion market forecast and rising $1.21 billion from July 2025. Exports reached $8.85 billion, up 14.1% year over year, led by a 97.8% increase in energy and fuel shipments, including crude oil, fuels, lubricants and other fuels. Manufactured industrial goods exports rose 11.2%, mainly on higher motor vehicle and transport equipment shipments, while manufactured agricultural goods increased 4.9%, supported by meat exports. Imports fell 1.7% to $6.74 billion, with intermediate goods down 14.9%, capital goods down 7.7%, consumer goods down 7.3% and fuels and lubricants also down 7.3%. The surplus can support foreign-exchange reserves and cushion the peso against external shocks, although economists caution that one month does not establish a lasting trend. Its durability will depend on commodity prices, harvest conditions, domestic activity, import demand during an economic recovery, and government policies on export taxes and import restrictions.