Argentina's exports are continuing a steep upward trend, driven by a commodity boom sweeping across the region. In September 2026 alone, exports reached $10 billion, a sharp 23.5% surge compared to the same period last year, and an 8.6% increase from the previous month on a seasonally adjusted basis. This growth was simultaneously driven by rising prices (16%) and expanded volume (6%).

In September, the top 10 export categories accounted for 57.3% of total exports. Crude oil led the way at $1.1 billion, followed by soybean meal ($1 billion) and corn ($833 million). Soybean oil ($597 million) and freight transport motor vehicles ($518 million) rounded out the top five. Despite a 42.6% decrease compared to the same period last year, soybeans ranked sixth with $468 million, while non-monetary gold, beef, wheat, and sunflower oil filled out the top ten.

In the import sector, the top 10 products accounted for 29.4% of the total. Passenger transport vehicles, including buses, ranked first, accounting for about $450 million or 6.4% of total imports. This was followed by motor vehicle parts and accessories (4.3%) and soybeans (3.9%), with pharmaceuticals, telephones, freight transport vehicles, blood and immunological products, fertilizers, and data processing machines rounding out the major import items.

Amidst these trends, September imports stood at $7 billion, down 1.8% year-on-year, though showing a slight increase from August. As a result, the September trade surplus recorded $2.976 billion. This is an increase of $2 billion compared to the same month last year and $1.5 billion compared to August, marking the largest monthly surplus since June, when it reached $3.4 billion. Since President Javier Milei took office, Argentina has maintained a trade surplus streak for 34 consecutive months.

From January to September this year, the cumulative trade surplus reached $21.2 billion, and cumulative exports recorded $77 billion. Fuel and energy, primary products, and agro-industrial manufactures combined accounted for 73% of total exports during this period. Fundación Capital, a private think tank, projected that Argentina's annual trade surplus this year will reach an all-time high, having already surpassed twice last year's total figure, and expects exports to exceed $10 billion by the end of the year.

However, behind this unprecedented boom in the external sector lies a dark shadow. This is because many sectors of the real economy remain in stagnation or crisis. According to official statistics, Argentina's manufacturing sector contracted by 2.7% year-on-year from January to August this year. Along with this, economic growth forecasts have been significantly downgraded in recent weeks, raising the possibility that Argentina's economy has entered a recession in the third quarter.

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