Argentine exports persist in their upward trajectory, driven by the commodities boom that is currently affecting the region. In September, exports amounted to US$10 billion, reflecting a year-on-year increase of 23.5%, while seasonally adjusted exports experienced an 8.6% rise compared to the preceding month. The increase was propelled by advancements in both prices (16%) and volumes (6%). The ten leading export products in September 2026 constituted 57.3% of Argentina’s overall exports. At the forefront were crude petroleum oils, valued at US$1.1 billion, followed by soybean flour at US$1 billion and maize at US$833 million.
Crude soybean oil, valued at US$597 million, was succeeded by motor vehicles designated for the transport of goods, which amounted to US$518 million. Soybeans ranked sixth, with exports totalling US$468 million and accounting for 4.7% of the total, despite a 42.6% year-on-year decline. Completing the top ten were non-monetary gold, beef, wheat, and sunflower oil. On the import side, the ten leading product categories represented 29.4% of the total. Topping the ranking were motor vehicles for the transport of people – including buses – which accounted for 6.4% of imports, with a value of approximately US$450 million. Motor vehicle parts and accessories accounted for 4.3%, while soybeans represented 3.9%. Other notable import categories encompassed medicines, telephones, vehicles designated for the transport of goods, blood and immunological products, fertilisers, and data-processing machines.
Argentina recorded a trade surplus of US$2.976 billion in September, with imports amounting to US$7 billion. This figure reflects a year-on-year decline of 1.8%, although it is marginally higher than the imports seen in August. That was $2 billion higher than the surplus recorded in the same month of 2025 and $1.5 billion above the August figure. It represented the most substantial monthly trade surplus since June, when the balance was recorded at US$3.4 billion. Argentina has achieved a trade surplus for 34 consecutive months, a trend that commenced with Javier Milei’s inauguration as president. In the initial three quarters of 2026, the trade surplus amounted to US$21.2 billion, bolstered by exports that reached US$77 billion. Between January and September, fuel and energy, primary products, and agricultural-based manufactured goods constituted 73% of total exports.
Argentina is poised to achieve a record trade surplus this year, with the surplus to date already double the total recorded for the entirety of 2025. By year-end, exports may surpass US$100 billion, as estimated by the think tank Fundación Capital. However, while Argentina’s external trade is experiencing an unprecedented boom, numerous sectors of the real economy continue to remain stagnant or in crisis. Argentina’s manufacturing industry contracted by 2.7% in the first eight months of 2026 compared with the same period in 2025, according to official data. Meanwhile, forecasts for Argentina’s economic growth have been notably adjusted downward in recent weeks, increasing the likelihood that the economy may have entered a recession in the third quarter.
