The energy sector emerged as the dominant contributor to the surplus expansion. Fuel and energy exports totaled $1.494 billion in August, up 41.2% year-over-year, combining a 27% price increase with a 12.2% volume gain. The eight-month accumulated energy surplus of $7.834 billion already exceeded the $7.815 billion recorded for all of 2025, representing the sector’s highest historical performance. Crude oil accounted for 10.2% of Argentina’s total August exports and ranked as the second-largest individual export product after soybean meal. Production from the Vaca Muerta formation reached a record 916,200 barrels per day in July, up 17.2% year-over-year, underpinning the volume growth.
Trade specialist Yanina Lojo noted that manufactures of agricultural and industrial origin now represent over 60% of export value, meaning six of every ten dollars entering Argentina carry value-added processing. Primary products declined 14.2% in value and 20.1% in volume, driven by an 85.3% collapse in unprocessed soybean shipments. To maintain processing capacity, Argentina imported $328 million of soybeans for crushing, with 93.5% sourced from Paraguay, effectively operating the oilseed complex as regional maquila.
On the import side, capital goods volumes fell 3%, while machinery parts and accessories dropped 16.9% in physical quantities. Passenger vehicle imports declined 16.5% in units. The contraction in equipment imports signals restrained industrial investment despite nominal spending increases driven by higher international prices. China remained Argentina’s largest bilateral deficit partner at $1.173 billion for August, accumulating $5.075 billion through eight months. Brazil led export destinations with $8.578 billion year-to-date purchases, followed by the United States at $6.691 billion and China at $6.155 billion.
This article was curated and published as part of our South American energy market coverage.
