The 2026 summer season delivered a tourism map unlike any seen in the past decade: for the first time since 2017, Argentina closed the first quarter with a positive balance in the international tourism account. According to INDEC's International Tourism Survey (ETI), approximately 2.4 million non-resident visitors entered the country between January and March — 18% more than in the same period of 2025 — while Argentines traveling abroad numbered 2.1 million, a 12% year-over-year drop. A higher real exchange rate than at any point in the last five years, combined with greater price stability, made the country relatively cheaper for foreign visitors and made overseas destinations more expensive for locals.
Where they came from and where Argentines went
Brazil was once again the largest source of tourists to Argentina, with around 760,000 visitors during the quarter, followed by Chile (420,000), the United States (260,000), and Uruguay (210,000). Bariloche, Iguazú Falls, Mendoza, and the Atlantic Coast were the most popular destinations among international visitors, while Buenos Aires concentrated the largest number of urban overnight stays. By contrast, Argentines traveling abroad prioritized Brazil (45% of the total), Chile (18%), the United States (10%), and Europe (8%) — although the average length of trips shortened to 8.4 nights, down from 10.2 in the 2024/25 season. To dig into the historical inbound and outbound tourism series, you can visit our international tourism dashboard.
The impact on the foreign exchange balance
The reversal in tourism flows had a direct effect on the foreign exchange balance. The BCRA's "travel and other card-based payments" account, which had been the leading source of FX outflows from the private sector throughout 2024, posted a deficit of just USD 410 million in the first quarter of 2026, against USD 2.3 billion in the same period of 2025. If the trend holds, tourism could provide meaningful relief to the country's reserves position. The higher per capita average spending of foreign tourists — USD 1,180 per trip versus USD 980 in 2025 — is partly explained by longer stays and partly by hard-currency price recomposition. The link to the external sector is key to reading the year ahead: our foreign trade dashboard shows how the services account is consolidating as one of the pillars of the new balance of payments.
The challenges to sustaining this scenario are several: peso appreciation could gradually erode the country's competitive edge, while underinvestment in tourism infrastructure — particularly regional air connectivity and mid-tier hotel capacity — remains the main structural bottleneck. The 2026 season delivered encouraging numbers, but it also highlighted the need for a longer-term tourism policy.
Sources: INDEC – International Tourism Survey (ETI), BCRA – FX Balance, National Ministry of Tourism and Sports.
