LATAM Today: July 20, 2026

研报英文原文证据摘录

LATAM Today: July 20, 2026

Economics Research

20 July 2026 | 8:18AM EDT

RamosARGENTINA Alberto | +1(212)357-5768

alberto.ramos@gs.com

Data This Week: Goldman Sachs & Co. LLC

ArmellaToday: Trade Balance (June); we forecast a US$2.0bn trade surplus in June. In May, Sergio | +1(212)357-9077

the trade balance recorded a US$3.5bn surplus, the largest on record, with strong sergio.armella@gs.com Goldman Sachs & Co. LLC

exports again boosting the trade balance and imports coming in below expectations Santiago Tellez

for the seventh month in a row. The energy trade balance posted another record high +1(212)855-0367 |

santiago.tellez@gs.com

of US$1.5bn in the month and the cumulative trade balance over the last 12 months Goldman Sachs & Co. LLC

rose to a record US$21.2bn surplus, approximately 3.1% of GDP.

Wednesday: Economic Activity Index (May); we forecast a 2.5% year-on-year

increase in real economic activity in May. Growth has been choppy at the start of the

year, but the performance of the economy was, in general, better than expected in

the first quarter of 2026. In April, activity in the primary sector continued to drive

growth with a strong performance of mining and agriculture. Secondary and tertiary

sector activity continue to lag.

SA

BRAZIL

Political Dynamics Will Move to Center Stage With Party Conventions

With the FIFA World Cup over and Congress heading into recess, market attention is

likely to shift to the electoral dynamics ahead of the October general elections. Party

conventions to formally select and nominate their candidates for all offices up for

election in October will take place between July 20 and August 5. While many figures

have already announced their pre-candidacies, they cannot legally run or appear on