Argentine exports continue to grow, fueled by the commodities boom sweeping the region.
In September, exports reached US$10 billion, up 23.5% year-on-year, while seasonally adjusted exports rose 8.6% from the previous month.
The increase was driven by gains in both prices (16%) and volumes (6%).
The ten leading export products in September 2026 accounted for 57.3% of Argentina’s total exports.
Leading the list were crude petroleum oils, worth US$1.1 billion, soybean flour valued at US$1 billion and corn at US$833 million.
They were followed by crude soybean oil, worth US$597 million and motor vehicles for the transport of goods at US$518 million..
Soybeans ranked sixth, with exports totaling US$468 million and accounting for 4.7% of the total, despite a 42.6% year-on-year decline.
Rounding out the top ten were non-monetary gold, beef, wheat and sunflower oil.
On the import side, the ten leading product categories accounted for 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. They were followed by motor vehicle parts and accessories, at 4.3%, and soybeans, at 3.9%.
Other significant import categories included medicines, telephones, vehicles for the transport of goods, blood and immunological products, fertilizers, and data-processing machines.
A trade surplus that keeps growing
With imports totaling US$7 billion — down 1.8% year-on-year but slightly higher than in August — Argentina posted a trade surplus of US$2.976 billion in September.
That was US$2 billion higher than the surplus recorded in the same month of 2025 and US$1.5 billion above the August figure.
It was the largest monthly trade surplus since June, when the balance reached US$3.4 billion.
Argentina has recorded a trade surplus for 34 consecutive months, dating back to Javier Milei’s inauguration as president.
In the first nine months of 2026, the trade surplus reached US$21.2 billion, supported by exports totaling US$77 billion.
Fuel and energy, primary products, and agricultural-based manufactured goods accounted for 73% of total exports between January and September.
Argentina is on track for a record trade surplus this year, with the surplus so far already twice as large as the total recorded throughout 2025.
By year-end, exports could exceed US$100 billion, according to estimates by the think tank Fundación Capital.
However, while Argentina’s external trade is experiencing an unprecedented boom, many sectors of the real economy remain stagnant or in crisis.
Argentina’s manufacturing industry, for example, 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 revised significantly downward in recent weeks, raising the possibility that the economy may have slipped into recession in the third quarter.
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