United States Fed Balance Sheet

New Zealand Imports

New Zealand Balance of Trade

New Zealand Exports

Argentina’s trade surplus rose to USD 1,987 million in January 2026, up from USD 162 million a year earlier. Imports fell 11.9% year-on-year to USD 5,070 million, driven by a 12.1% decrease in quantities and a 0.2% rise in prices. Meanwhile, exports rose 19.3% to USD 7,057 million, led by an 18.5% increase in quantities and a 0.7% rise in prices. For the year-to-date through January 2026, the trade surplus stood at USD 1,987 million, up from USD 162 million in the same period of 2025.

Argentina Trade Surplus Sharply Expands in January

Sunflower oil futures eased toward $1,515 per tonne, retreating from the over three year highs reached on February 6th as expanding South American supply and softer seasonal demand loosened the previously tight balance in global vegetable oils. Shipments from Argentina are accelerating, highlighted by Bulgarian processors securing roughly 400,000 tonnes of competitively priced sunflower seed for March arrival, while Brazil’s record soybean harvest has pushed local soybean oil offers down, broadening the pool of cheaper substitute oils. At the same time palm oil futures have slipped, preserving palm’s position as the lowest cost option for major buyers such as India and intensifying competition for market share. Demand has also cooled as Lunar New Year holidays curbed Asian buying and Malaysian palm exports in the first half of February fell by 11% to 15%, with the approaching Ramadan period likely to temper Middle Eastern imports further.

Sunflower Oil Drops From Multi-Year Highs

Gasoline futures for delivery at the New York Harbor rose to over $2.0 per gallon in February, testing the highest level in five months as higher risk premiums for crude oil shipments lifted the costs of feedstock for refineries. Tensions between the US and Iran culminated in reports that the US could intervene militarily as soon as next week, with Israeli officials calling for a regime change in Tehran. The moves risked Iran's possible blockade in the Strait of Hormuz, a chokepoint for nearly one third of global tanker traffic. In the meantime, Ukrainian strikes in Russian refineries cut a major source of gasoline production, forcing Russian energy companies to export crude instead of gasoline. Stateside, the weekly inventory count by the EIA reflected a 3.2 million barrel draw in national stocks in the second week of February, more than market expectations of a 300 thousand decrease.

Gasoline Rises to Above $2 per Barrel

Brent crude oil futures extended their rally to $71.5 per barrel on Thursday, the highest since early August 2025 as rising tensions between the US and Iran threatened supply from the Middle East. Reports citing government officials noted that the US could begin a military operation in the Middle East soon, with Israel pushing for regime change in Tehran. The head of the United Nations nuclear watchdog warned Iran's window for a diplomatic deal is narrowing amid a US military build up. Conflict could threaten flows through the Strait of Hormuz, which sees tanker activity of a third flows for one third of seaborne oil trade. In the meantime, a fresh report from the EIA showed that oil inventories in the US plummeted by 9 million barrels on the second week of February, contrasting sharply with market expectations of a 2 million barrel build to fully erase the 8.5 million build from the previous week.

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