The National Institute of Statistics and Censuses (INDEC) revealed that Argentina obtained a gain of US$ 3.509 million in 2025 thanks to improved terms of trade, driven by a sharper drop in import prices than in exports. Import prices fell 4.5% year-over-year, while export prices declined only 0.6%, raising the index by 4%. This evolution contributed to a trade surplus of US$ 11.286 million.
The INDEC released the index of prices and quantities for foreign trade in the fourth quarter and the full year of 2025, highlighting an improvement in terms of trade that benefited Argentina's economy. These terms, which measure the relationship between export and import prices, recorded a 4% increase, the fourth highest since 2004, only behind 2012, 2021, and 2022. Additionally, the effect of terms of trade reached a new series maximum, surpassing the 2021 level.
The drop in import prices was 4.5% year-over-year, with notable declines in mineral products (-19.6%), fuels and lubricants (-15.7%), and plastics and rubber (-11.5%). Prices also fell in common metals, wood pulp and paper, vehicles, and capital goods parts. For exports, prices declined 0.6%, affected by food industry waste (-20.5%), oilseeds (-13.8%), and cereals (-6.2%), though increases in gold and beef mitigated the impact.
As a result, if 2024 prices had prevailed, the trade surplus would have been US$ 8.304 million, instead of the actual US$ 11.286 million. From the Center for Studies on Production and Foreign Trade (CEPEC), they commented that "2025 left a more dynamic foreign trade than 2024: more exports in volume, recovering imports, and external prices that favored purchases." They added: "The challenge ahead will be to sustain growth without relying exclusively on quantities and to advance toward greater value added generation."
This report underscores how international prices favored Argentina in a year of commercial recovery, though challenges remain to diversify the economy.
