Merchandise trade surplus increases in May

Latest reading: In May, the trade balance was USD +3.5 billion, following a USD +2.7 billion figure in the previous month. Over the last 12 months, the trade balance summed to USD +21.2 billion. Merchandise exports rose 34.4% in annual terms in May, coming on the back of 33.6% growth in the previous month. May's reading was the strongest since April 2022. Agricultural exports saw double digit growth, likely linked to improved weather conditions, while fuel exports more than doubled thanks to higher energy output from the Vaca Muerta field as well as elevated prices. Merchandise imports declined 7.0% in year-on-year terms in May, following a 4.0% decline in the previous month.

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