Crude oil emerged as Argentina’s foremost export in the first half of 2026, surpassing conventional agricultural products to claim the top position in the nation’s export hierarchy. According to a report based on data from the national statistics agency INDEC, crude oil generated $4.7 billion in export revenue between January and June. The figure represents a 47.7% year-over-year increase from the US$3.2 billion recorded during the same period in 2025. The additional US$1.5 billion in export revenue propelled crude oil to surpass corn and soybean meal and pellets, which had previously led the rankings a year prior, in that sequence. Research indicates that crude oil constituted 9.5% of Argentina’s total exports during the first half of the year. An IAG report identified the United States, Chile, Thailand, Australia, and Uruguay as the primary destinations for Argentine crude. The shift in Argentina’s export rankings signifies a pivotal moment for the economy. While agriculture remains central to the country’s export sector, crude oil has now emerged as the predominant export product, indicative of the expansion of the Vaca Muerta oil and gas field in Patagonia and the increasing investment in infrastructure aimed at enhancing shale oil exports.
Corn (excluding seed corn) ranked second, generating just over $4 billion in exports, reflecting a year-over-year increase of 6.7%. The primary purchasers included Vietnam, Algeria, Peru, Egypt, and Saudi Arabia. Soybean meal and pellets, a byproduct of soybean oil extraction, secured the third position with exports amounting to US$4 billion. Sales increased by a mere 0.7% compared to the first half of 2025, resulting in a decline of one position for the product, even as it sustained a robust export volume. The remaining leading export products included crude soybean oil at US$3.1 billion, reflecting a 4.4% increase; non-monetary gold at US$2.9 billion, showing a significant rise of 51.2%; passenger vehicles valued at US$2.5 billion, up by 16.8%; wheat and meslin at US$2.3 billion; frozen beef at US$1.3 billion; crude sunflower oil at US$1.1 billion; and soybeans at US$1 billion. Argentina exported US$49 billion worth of goods during the first half of 2026, reflecting a 24.4% increase compared to the same period the previous year. The ten principal export products constituted 55% of overall foreign sales. Crude oil’s ascent illustrates the swift growth of unconventional energy production and the increasing significance of the Vaca Muerta oil and gas field within Argentina’s export economy. The Neuquén shale formation has emerged as a significant contributor to the nation’s foreign currency reserves. The sector’s performance was also evident in the energy trade balance. According to INDEC, fuels and energy recorded a surplus of US$5 billion in the first half of the year, reflecting a 61.7% increase from the US$3 billion surplus noted during the corresponding period in 2025. Total energy exports reached US$6.5 billion, reflecting a year-over-year increase of 42.5%. Imports totalled US$1.5 billion, reflecting a 1.9% increase compared to the first half of the previous year.
Crude oil constituted a significant portion of Argentina’s energy exports, representing 71.2% of the sector’s foreign sales. Subsequently, petrol accounted for US$346 million, reflecting a 41.5% increase; liquefied butane contributed US$231 million; and liquefied propane totalled US$177 million. In June alone, energy exports reached US$1.2 billion, reflecting a 28.5% increase compared to the previous year. This growth highlights the sector’s expanding role in Argentina’s trade surplus, even amidst seasonal variations in energy imports. On the import side, expenditures were dominated by liquefied natural gas at US$418 million, followed by electricity at US$356 million, and natural gas in gaseous form at US$74 million. Energy imports experienced a significant increase of 126.5% year over year in June, reaching US$765 million. This surge was primarily fuelled by elevated purchases of LNG and diesel, aimed at satisfying peak winter demand. The seasonal increase in imports indicates a structural constraint within Argentina’s energy system. The country produces approximately 140 million cubic meters of natural gas daily, whereas winter demand surpasses 180 million cubic meters. Simultaneously, the transportation network exhibits inadequate capacity to transfer gas from production basins to primary consumption centers during periods of heightened seasonal demand. Consequently, imported LNG continues to be crucial for addressing temporary shortages.
Nonetheless, the enhancement in the energy balance indicates that the increase in crude oil exports has more than compensated for the seasonal rise in imports, resulting in a sector surplus exceeding US$5 billion during the first half of the year. Projections for the entire year indicate that fuel and energy exports will reach approximately US$11.3 billion, predicated on an average Brent crude price of US$82 per barrel. At the time the report was published, Brent was valued at approximately US$85.45 per barrel. If those projections hold, the annual energy trade surplus could surpass the record US$7.8 billion recorded in 2025. The forthcoming significant enhancement is anticipated to arise from the Vaca Muerta Oil Sur pipeline, which will link the Neuquén Basin to the Atlantic coast in Río Negro. The nearly 600-kilometer pipeline, linking Allen with Punta Colorada, is anticipated to reach completion by the end of 2026. Over 75% of the project has been completed. It will initially enhance capacity to transport 190,000 barrels per day, with the potential to increase to as much as 550,000 barrels per day over time. By mid-2027, throughput is anticipated to approximate 390,000 barrels per day. At that juncture, annual energy exports may surpass US$18.5 billion.