Argentina's foreign trade closed 2025 with an unprecedented balance: total exports surpassed $85 billion, the highest level in the country's history. The surge was driven by two forces working in tandem — the consolidation of Vaca Muerta as a genuine source of foreign currency through liquefied natural gas and crude oil, and the full recovery of the agro-industrial sector after the historic drought of 2022/2023. At the same time, imports stabilized at around $65 billion, generating a trade surplus of approximately $20 billion, the largest since the early 2000s. This result was decisive for the Central Bank's reserve accumulation and for the sustainability of the prevailing economic program.
A new export geography: more energy, more Asia
The composition of exports in 2025 reflects a structural transformation compared to the previous decade. Primary products and agro-industrial manufactures continued to form the backbone of foreign trade, accounting for around 58% of total exports. However, fuels and energy — driven by liquefied natural gas and unconventional oil from Vaca Muerta — reached 18% of exports, tripling their share relative to 2019. Industrial manufactures represented the remaining 24%, with the automotive and agrochemical sectors as the leading categories. In terms of destinations, Brazil remained the top trading partner, but China consolidated its second place, absorbing 17% of exports — particularly soybeans, oils, and energy products. The European Union and the United States round out the list of main markets. To explore historical data on exports by category and destination, visit our foreign trade dashboard.
Imports and the trade balance: the adjustment that made the surplus possible
The 2025 trade surplus was not just the result of export growth — it also reflected the compression of imports that characterized the first phase of the macroeconomic adjustment launched in late 2023. During 2024, imports fell sharply as a consequence of the domestic recession; in 2025, the recovery of economic activity and the normalization of exchange-rate policy allowed for a recomposition of purchases abroad, though without surpassing 2022 levels. The main import categories were capital goods (industrial machinery, telecommunications equipment), intermediate goods, and fuels. The relaxation of import restrictions and the gradual elimination of exchange controls were the institutional factors that most influenced this dynamic. Our international agreements dashboard shows how trade relations with key partners and blocs evolved over this period.
The challenge for 2026 is to sustain this level of exports against a backdrop of volatile international commodity prices, particularly for agricultural and energy goods. The continuation of investment in Vaca Muerta, the completion of the Pepe Moreno pipeline, and the capacity to add value to industrial exports will determine whether 2025's record is the floor of a new era or a peak that will be difficult to replicate. First-quarter 2026 data suggest that the export sector is maintaining its momentum, though with some signs of slowdown in agricultural sales due to lower international prices. To follow the evolution of the agricultural sector and its contribution to foreign trade, consult the agricultural sector dashboard.
Sources: INDEC (National Institute of Statistics and Censuses), Secretariat of Foreign Trade, Ministry of Economy of Argentina.
