Argentina is experiencing an export boom. How much are provinces benefitting?

Argentina is currently experiencing an export boom, predominantly driven by oil, agriculture, and mining sectors. However, whether this economic growth is equally benefiting all provinces remains unclear. Fundación Mediterránea, a think tank, has analyzed the impact of this export boom on various provinces and found a heterogeneous landscape.

Neuquén, known for its Vaca Muerta oil and gas field, leads the way in experiencing the spillover effects of the export boom. Not only is the total wage bill improving, but other tradable goods in the province are growing even more than the oil sector itself. The wage bill for these goods increased by 29% in 2025, compared to 13% in the oil sector and 17% in the overall private sector wage bill.

This demonstrates how a robust export impulse can drive the entire provincial productive structure, beyond the originating sector.

In contrast, provinces like San Juan and Catamarca, which are also major mining areas, show mixed results. While the total wage bill has increased in both provinces, the growth in other tradable goods is more significant than mining itself. In San Juan, the mining wage bill grew by 7%, while other tradable goods increased by 11%.

In Catamarca, mining salaries drove the increase (19%), while the rest of the tradable goods rose by 6%. However, the overall private sector wage bill in these provinces only increased by 3% and 5%, respectively, suggesting that the trickle-down effect is still limited to non-mining sectors.

In agricultural provinces, particularly Buenos Aires and Córdoba, the export boom does little to boost the overall economy. Although the agricultural sector is performing well, the rest of the tradable goods sector is experiencing declines of 4% and 5% in Buenos Aires and Córdoba, respectively. Total wages in the agricultural sector rose by 7% in Buenos Aires and 5% in Córdoba, but this did not translate into significant growth in other sectors.

Santa Cruz is another province showcasing a mixed reality. Mining is doing well, but the oil sector is declining due to YPF's focus on more productive sectors. This shift is negatively impacting the rest of the tradable goods, other sectors, and the total wage bill. While mining wage bill increased by 21% between 2023 and 2025, the private sector wage bill dropped by 15%. In conclusion, while the export boom offers opportunities for economic growth, its benefits are not evenly distributed across all provinces in Argentina.