Argentina’s trade surplus narrowed to USD 988 mln in July 2025, down from USD 1.459 bln a year earlier but still the highest surplus of the year and above expectations. Imports surged 17.7% y/y to USD 6.7 bln, led by capital and consumer goods, while YTD surpluses reached USD 3.75 bln versus USD 12.2 bln in 2024.