Argentina reported a trade surplus of USD 1.6 bln in July, a significant shift from a USD 701 mln deficit in the same month the previous year. From January to July, exports grew by 14.8% YoY while imports dropped by 26%, cumulating a trade surplus of USD 12.3 bln. Still, the price of soybeans, Argentina’s primary export, fell by 7% MTD, contributing to a 27% YTD decrease, which may impact future export revenues.