Energy and Foreign Trade
Argentina’s energy sector is consolidating its position as one of the pillars of the country’s trade balance, despite pressure from falling international prices and year-over-year fluctuations at the start of the year.
According to the latest report from Instituto Nacional de Estadística y Censos (INDEC), Argentina’s official statistics agency, the fuels and energy trade balance posted a surplus of $618 million in January 2026. The result stemmed from exports of $781 million — representing 11.1% of total exports — and imports of $163 million.
The figure marks a 14.1% contraction in exports compared with the same month last year, mainly explained by a 13.2% drop in prices and a slight 1% decline in export volumes. At the same time, energy imports fell 21% year over year, reflecting lower reliance on external purchases and continued progress toward energy self-sufficiency driven by domestic production.
January’s performance fits within a favorable annual backdrop. In 2025, Argentina’s energy trade balance accumulated a record surplus of $7.815 billion, the highest in the historical series, supported by exports totaling $11.086 billion, up 12.8% year over year, and imports of $3.271 billion, down 18%.
Vaca Muerta and unconventional output drive the surplus
The result is largely explained by the strong expansion of unconventional production at Vaca Muerta, the massive shale formation in Neuquén province that anchors Argentina’s shale oil and gas development. Rising output helped offset weaker international crude prices and boost export volumes. As a result, the energy sector accounted for nearly 70% of the country’s total trade surplus in 2025, which closed at $11.286 billion.
In the January 2026 breakdown, fuels and energy showed resilience, albeit with signs of external pressure. Exports were concentrated in crude oil, despite a 24.7% decline in value. On the import side, diesel and gasoline purchases recorded sharp drops of 75.2% and 49.6%, respectively, reinforcing the trend toward greater energy independence.
The surplus under Chapter 27 of the harmonized tariff nomenclature (mineral fuels and related products) was estimated at around $505 million, posting a year-over-year decline in line with the broader energy category.
This performance unfolded within an overall positive trade environment for Argentina in January 2026. The country’s total trade surplus reached $1.987 billion — the 26th consecutive month in positive territory — with exports totaling $7.057 billion, up 19.3% driven by an 18.5% increase in volumes, and imports at $5.070 billion, down 11.9%.
Primary products, up 35.4%, agricultural manufactures, up 10.1%, and industrial manufactures, up 37%, offset the contraction observed in energy, underscoring the growing diversification of Argentina’s export matrix.