Argentina’s Trade Surplus Hits US$3 Billion

Argentina earned US$2.976 billion more from selling goods abroad than it spent on imports in September 2026, according to INDEC, the national statistics agency. Exports passed US$10 billion in a single month for the first time, and fuel sales nearly doubled.

For US readers, the surplus matters because it brings in the dollars that Argentina needs for its debt and for its trade talks with Washington. Our Argentina page tracks the economy week by week.

Exports Pass US$10 Billion

INDEC published the figures on Monday 19 October 2026. Exports reached US$10.036 billion, up 23.5% from September 2025, while imports fell 1.8% to US$7.060 billion.

Higher prices explain most of the export gain, with prices up 16.4% and volumes up 6.1%. Exports made up 58.7% of total trade, which grew 11.6% to US$17.095 billion.

Fuel Sales Nearly Double

Fuel and energy exports rose 89.1% to US$1.781 billion. INDEC reports that energy prices rose 33.4% and volumes rose 39.8%.

The jump shows how much oil and gas now matter to Argentina’s dollar income. It also makes the surplus more exposed to swings in world energy prices.

Imports Fall as Volumes Drop

Import prices rose 10.4%, but the volume of goods bought abroad fell 11.2%. The result was a 1.8% drop in the import bill, or about US$132 million.

Weak import volumes help the surplus but can also signal soft domestic demand. INDEC’s figures do not say which goods fell most in this release.

Nine Months of Surplus

From January to September, exports reached US$77.267 billion, up 21.6%, while imports fell 2.5% to US$56.069 billion. The cumulative surplus is US$21.198 billion.

September was the 34th consecutive monthly surplus. The streak dates to December 2023, when President Javier Milei took office.

What It Means for You

For US investors, a steady surplus supports Argentina’s ability to pay dollar debts, though it does not by itself settle questions about reserves. The fuel boom also links Argentine earnings more closely to oil and gas prices.

For US exporters, falling import volumes point to a cautious Argentine buyer. Companies selling machinery or consumer goods there should watch the next INDEC release.

What Is Not Known

INDEC’s release does not break down which products drove the fall in import volumes. It is also not clear whether September’s record export level will hold.

The release gives no forecast for the coming months. Fuel prices will largely decide whether the surplus stays near US$3 billion.

Background: our argentina history explained guide.

Sources

INDEC, international trade report · Noticias Argentinas · La Nación · Crónica

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

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Frequently Asked Questions

How big was Argentina’s trade surplus in September 2026?

Argentina’s goods-trade surplus was US$2.976 billion, according to INDEC. It was the 34th consecutive monthly surplus.

What did Argentina export in September 2026?

Exports reached US$10.036 billion, up 23.5% from a year earlier, with fuel and energy sales up 89.1% to US$1.781 billion. It was the first month with exports above US$10 billion.

Why did Argentina’s imports fall?

The volume of imports dropped 11.2%, while import prices rose 10.4%. The import bill fell 1.8% to US$7.060 billion.

What is the surplus for January to September 2026?

Exports were US$77.267 billion and imports were US$56.069 billion, leaving a surplus of US$21.198 billion. Exports rose 21.6% and imports fell 2.5%.