Report published September 29, 2026

Argentina: Current Account Returned to a Surplus in 2Q26 on Stronger Exports – Goldman Sachs

Goldman Sachs · September 29, 2026

Argentina recorded a current account surplus of US$2,214mn in 2Q26, reversing a deficit from 1Q26 due to strong goods exports. While net portfolio inflows reached US$4.8bn, FDI posted an outflow of US$1.8bn.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Argentina's current account posted a US$2,214mn surplus in 2Q26, rebounding from deficits in prior quarters primarily driven by a substantial US$6.6bn improvement in the goods trade surplus.
2.FDI into Argentina remained depressed with net outflows of US$1.8bn in 2Q26, tracking at just 0.3% of GDP over the trailing four quarters.
3.Net portfolio flows rebounded to a US$4.8bn inflow in 2Q26, led by a US$7.0bn increase in nonresident holdings of domestic portfolio securities.

KEY NUMBERS (2Q26):
DETAILS
Balance of Payments Flows

Report data

Balance of Payments Flows

Metric	Estimate	Context
Current Account Balance	2214.0 USD millions	Current account returned to surplus in 2Q26 from a US$2.4bn deficit in 1Q26 and US$2,452mn deficit in 2Q25
Current Account Balance (% of GDP)	1.1%	Current account balance as a percentage of GDP in 2Q26
Goods Trade Balance	9.3 USD billions	Goods trade surplus expanded by US$6.6bn year-on-year
Goods Exports	27.6 USD billions	Goods exports increased by US$6.5bn compared to 2Q25
Goods Imports	18.3 USD billions	Goods imports edged down by US$0.1bn from 2Q25