LATAM Today: July 21, 2026

Research evidence excerpt

LATAM Today: July 21, 2026

Economics Research

21 July 2026 | 8:42AM EDT

RamosARGENTINA Alberto | +1(212)357-5768

alberto.ramos@gs.com

Solid Trade Balance in the Second Quarter Goldman Sachs & Co. LLC

ArmellaBottom Line: The trade balance recorded a US$2.2bn surplus in June, much larger Sergio | +1(212)357-9077

than the US$879mn surplus recorded a year ago but down from the record high sergio.armella@gs.com Goldman Sachs & Co. LLC

US$3.4bn surplus in the previous month. Santiago Tellez

+1(212)855-0367 |

Strong exports boosted the trade balance in the second quarter of 2026, and the santiago.tellez@gs.com Goldman Sachs & Co. LLC

energy trade balance posted a record high of US$3.6bn in the quarter. The

cumulative trade balance over the last 12 months rose to a record US$22.5bn

surplus in June, approximately 3.2% of GDP, up from US$11.3bn (about 1.7% of

GDP) by year-end 2025. The cumulative energy balance over the last twelve months

is tracking at US$10.0bn, as high oil prices due to the conflict in the Middle East have

benefited Argentina’s energy exports.

DETAILS:

1. The trade balance recorded a US$2,194mn surplus in June, up from the

US$879mn surplus recorded a year ago. The cumulative trade balance over the

last 12 months is now at a US$22.5bn surplus, approximately 3.2% of GDP, up

from the US$11.3bn surplus as of year-end 2025.

2. In June, the energy trade balance posted a US$612bn surplus, smaller than the

US$722mn surplus recorded in the previous year on the back of 126.3% higher

energy imports (US$795mn vs US$351mn last year) despite higher energy

exports that rose by 31.0% (US$1.4bn vs US$1.1bn last year).

3. Total trade flows (sum of exports and imports) rose by 16.4% yoy in June driven

by higher exports, which increased by 24.5% yoy to US$9.06bn (slightly above