Exports reach US$77 billion as Argentina posts another trade surplus

In September 2026, Argentine exports surged to US$77 billion, marking a 23.5% year-on-year increase. This growth was driven by both higher prices, up 16%, and increased volumes, up 6%. The top ten export products accounted for 57.3% of total exports, with crude petroleum oils leading at US$1.1 billion, followed by soybean flour at US$1 billion and corn at US$833 million.

Despite a 42.6% year-on-year decline, soybeans still represented 4.7% of exports, ranking sixth in the list. The leading imports by category were motor vehicles for transport of people, accounting for 6.4% of imports and valued at about US$450 million, followed by motor vehicle parts and accessories at 4.3%, and soybeans at 3.9%.

The trade surplus widened to US$2.976 billion in September, a 2% year-on-year decrease but significantly higher than the previous months. This is the largest surplus since June, when it reached US$3.4 billion. Argentina has now recorded a trade surplus for 34 consecutive months, with the first nine months of 2026 alone seeing a surplus of US$21.2 billion.

Fuel, energy, and agricultural-based manufactured goods contributed to 73% of total exports. If current trends continue, Argentina could surpass US$100 billion in exports by year-end, according to Fundación Capital's estimates. However, Argentina's real economy sectors, such as manufacturing, have stagnated or faced crises, with a 2.7% contraction in the first eight months of 2026 compared to the same period in 2025.

Economic growth forecasts have also significantly decreased, raising concerns about a potential recession in the third quarter.