Argentina posted a trade surplus of US$ 2.976 billion in September 2026, with the year's highest exports, US$ 10.036 billion (23.5% more than a year earlier), and imports of US$ 7.06 billion (1.8% less), according to the Argentine Trade report by [Indec](https://www.indec.gob.ar/uploads/informesdeprensa/ica_10_263F42E3F39F.pdf), published on October 19. It is the 34th consecutive month with a positive balance, and in the first nine months of the year the surplus totals US$ 21.198 billion, more than three times the same period of 2025.
The data comes in a week of financial stress: country risk again rose above 700 points on Thursday the 22nd (Infobae). Here are the foreign trade figures and what explains them.
Argentina's trade balance in September
| Indicator | September 2026 | September 2025 | Change |
|---|---|---|---|
| Exports | US$ 10,036 million | US$ 8,128 million | +23.5% |
| Imports | US$ 7,060 million | US$ 7,191 million | -1.8% |
| Balance | US$ 2,976 million | US$ 937 million | +US$ 2,039 million |
| Total trade | US$ 17,095 million | n/a | +11.6% |
| Terms of trade | n/a | n/a | +5.4% |
Source: Indec, estimated figures. Exports grew because of prices (16.4%) and volumes (6.1%); imports fell because volumes dropped 11.2%, although prices rose 10.4%. Compared with August, in seasonally adjusted terms, exports grew 8.6%. "n/a": the report does not give that figure in its summary.
Month by month: Argentina's trade balance in 2026
| Month of 2026 | Exports | Imports | Balance |
|---|---|---|---|
| January | 7,245 | 5,057 | 2,189 |
| February | 5,963 | 5,167 | 797 |
| March | 8,697 | 6,116 | 2,581 |
| April | 8,916 | 6,203 | 2,713 |
| May | 9,578 | 6,128 | 3,450 |
| June | 9,112 | 6,877 | 2,235 |
| July | 8,854 | 6,756 | 2,098 |
| August | 8,866 | 6,707 | 2,159 |
| September | 10,036 | 7,060 | 2,976 |
| January-September | 77,267 | 56,069 | 21,198 |
In millions of dollars. Source: table 1 of the Indec report. May had a larger balance (US$ 3.45 billion), but September set the year's export record. Over nine months, exports grew 21.6% and imports fell 2.5%; in the same period of 2025, the surplus was just US$ 6.046 billion.
What Argentina sells: energy and agriculture drive exports
| Exports by category (September 2026) | Value | Annual change |
|---|---|---|
| Agricultural manufactures | US$ 3,495 million | +16.8% |
| Industrial manufactures | US$ 2,534 million | +17.5% |
| Primary products | US$ 2,225 million | +9.2% |
| Fuels and energy | US$ 1,781 million | +89.1% |
Source: Indec. Fuel and energy sales nearly doubled, with higher volumes (from Vaca Muerta output) and better international oil prices. Over nine months, it was the fastest-growing category: volumes rose 29.5% and prices 18.6%, according to the same report. The top products in September were soybean meal and pellets (US$ 1.006 billion) and corn (US$ 833 million).
What Argentina buys: capital goods fall
| Imports by use (September 2026) | Value | Share | Annual change |
|---|---|---|---|
| Intermediate goods | US$ 2,521 million | 35.7% | +11.9% |
| Capital goods | US$ 1,413 million | 20.0% | -10.4% |
| Parts and accessories for capital goods | US$ 1,256 million | 17.8% | -3.5% |
| Consumer goods | US$ 1,129 million | 16.0% | -2.5% |
| Passenger vehicles | US$ 450 million | 6.4% | -27.2% |
| Fuels and lubricants | US$ 181 million | 2.6% | +3.5% |
| Other (includes courier) | US$ 110 million | 1.6% | +0.3% |
Source: Indec. Only intermediate goods, the inputs industry uses, grew strongly. The drop in capital goods, the machinery and equipment companies invest in, and in imported cars signals weaker investment and consumption. Over nine months, import volumes fell 9.7%, with drops of 25.9% in parts and accessories and 13.9% in capital goods, while import prices rose 8.0%. In other words, the surplus reflects not only more sales abroad but also an economy that is buying less.
Who Argentina trades with
| Partner (September 2026) | Exports | Imports | Balance |
|---|---|---|---|
| Brazil | US$ 1,206 million | US$ 1,375 million | -US$ 169 million |
| China | US$ 986 million | US$ 1,817 million | -US$ 831 million |
| United States | US$ 1,011 million | US$ 631 million | +US$ 379 million |
| European Union | US$ 953 million | US$ 1,017 million | -US$ 64 million |
| Chile | US$ 750 million | US$ 111 million | +US$ 640 million |
Source: Indec. China, Brazil and the United States accounted for 23.3%, 21.4% and 9.2% of imports. With Chile, Argentina posted one of its largest surpluses of the month. The slowdown in imports is consistent with an economy that cooled in the second half (see the August EMAE decline).
Why Argentina's trade surplus matters
The trade surplus is the main source of dollars for Argentina's economy, which must pay foreign-currency debt and support its reserves. With country risk again above 700 points and market doubts about 2027 maturities, trade dollars are key (see what country risk is). BBVA Research projects record exports of US$ 102 billion for all of 2026 (BBVA Research). Indec also notes that, at 2025 prices, the nine-month balance would have been US$ 17.537 billion: better prices added about US$ 2.092 billion. The next report, with October data, comes out in late November. For the currency context, see the dollar in Argentina.
Frequently asked questions
What was Argentina's trade balance in September 2026?
A surplus of US$ 2.976 billion, with exports of US$ 10.036 billion and imports of US$ 7.06 billion, according to Indec.
How large is the 2026 surplus so far?
US$ 21.198 billion between January and September, versus US$ 6.046 billion in the same period of 2025.
Which category grew the most?
Fuels and energy, with exports 89.1% higher than in September 2025.
With which country does Argentina have its largest deficit?
China: US$ 831 million in September.
How many months in a row has Argentina posted a surplus?
34 consecutive months, according to Indec.
