Argentine Trade Exchange - January-November 2025

Highlights

• Between January and November 2025, exports totalled USD 79.6 billion, representing a year-on-year increase of 9.5%, owing to a rise in the quantities exported (10.2%) that more than compensated the drop in prices (‑0.6%).
• Imports amounted to USD 70.2 billion and grew 26.8% year-on-year, as a result of the 32.9% increase in the imported quantities, while prices fell 4.6%. This is mainly due to higher quantities of passenger motor vehicles, capital and consumer goods, and parts and accessories for capital goods.
• Consequently, the trade balance reached a surplus of USD 9.4 billion, when in January-November 2024 a positive balance of USD 17.2 billion had been recorded.

• Prominent is the increase in exports of soybeans (USD 2.6 billion), crude petroleum oils (USD 1.2 billion), unwrought gold (USD 932 million) and crude soybean oil (USD 927 million); whereas the largest drops occurred in soybean flour and pellets (-USD 1.8 billion), motor vehicles for the transport of persons (-USD 542 million) and maize (-USD 407 million).
• In relation to the soybean complex, the prices of flour and pellets (‑21.5%) and beans (‑8.8%) fell, while those of crude oil (11.1%) rose. As for the quantities exported, rises were recorded in those of beans (150.0%), crude oil (7.0%), and flour and pellets (4.0%).
• Regarding imports, the most significant increases occurred in the purchases of vehicles for the transport of persons (USD 2.8 billion), chassis, parts and tyres (USD 1.2 billion), vehicles for the transport of goods (USD 831 million), and telephone parts (USD 282 million); while those of soybeans (‑USD 965 million), natural gas in gaseous state (‑USD 571 million), and gas oil (‑USD 234 million) fell.

• The main exports destinations were Brazil, with a 14.8% share; China, with 11.3%, the EU, with 10.0%, and the United States, with 9.3%. In turn, the most prominent origins of imports were Brazil, 24.6% of the total, China, 23.4%, the EU, 13.7%, and the United States, 8.9%.
• The largest surpluses were obtained in trade with Chile (USD 5.0 billion), India (USD 3.7 billion), Peru (USD 2.0 billion), the Netherlands (USD 1.5 billion) and Saudi Arabia (USD 1.3 billion); while the main deficits were registered with China (‑USD 7.4 billion), Brazil (‑USD 5.5 billion) and Germany (‑USD 1.9 billion).

The full report in Spanish is available here (with highlights in English).