According to the latest data released by the National Institute of Statistics and Census of Argentina (INDEC), Argentina achieved its 21st consecutive month of trade surplus in September this year, with a surplus of 921 million US dollars. However, compared to the previous month, the size of the surplus has significantly narrowed, mainly due to a month on month surge of 10.1% in imports, marking the largest monthly increase in the past year.

The data shows that Argentina's total export value in September was about 8.128 billion US dollars, and the import value was about 7.207 billion US dollars. INDEC's seasonally adjusted data shows that this month's import value is at its highest level since August 2022.

From the perspective of annual changes, the total import volume increased by 20.7% year-on-year. In terms of sub items, the import growth of capital goods, consumer goods, and automotive products is the most significant, while the proportion of intermediate products has slightly decreased, but still accounts for 32.1% of the total import volume, continuing to maintain its dominant position. In terms of specific commodities, vehicles and urea (the most widely used fertilizer in wheat and corn cultivation) are the main factors driving import growth.

On the other hand, exports have achieved growth for the fifth consecutive month, with a month on month increase of 1.3%, reaching the highest level since 2022 after seasonal adjustment. Compared with the same period last year, the export value increased by 16.9%.

It is worth noting that China replaced Brazil as Argentina's largest trading partner in September. This change highlights the continued deepening of trade between the two countries and reflects a new adjustment in Argentina's export structure and market focus.