BUENOS AIRES, Oct. 20 (UPI) -- Argentina posted a $2.98 billion trade surplus in September as exports exceeded $10 billion for the first time, driven by rising energy sales, according to official data.
The surplus was $2.04 billion higher than in September 2025, according to the foreign trade report released Monday by the National Institute of Statistics and Census, known as INDEC, Argentina's official statistics agency.
The result marked Argentina's 34th consecutive month of trade surpluses.
From January through September, Argentine exports totaled $77.27 billion, up 21.6% from a year earlier, while imports fell 2.5% to $56.07 billion. The cumulative trade surplus reached $21.2 billion, compared with $6.05 billion during the same period in 2025.
Fuel and energy exports reached $1.78 billion in September, an 89.1% increase from the same month in 2025. During the first nine months of 2026, exports from the sector rose 53.6% year over year, according to the official report.
Argentine President Javier Milei attributed the energy sector's performance to deregulation measures introduced by his administration and increased oil and gas production at Vaca Muerta, a geological formation in Patagonia that holds substantial hydrocarbon reserves and accounts for much of the country's energy expansion.
"For a decade, Vaca Muerta operated at half capacity, with suppressed prices, currency controls and fear of investing. When we changed the rules, in less than three years, we began exporting like never before," Milei said during the Argentina Oil & Gas Patagonia 2026 exhibition.
According to figures presented by Milei, oil production at Vaca Muerta rose from an average of about 310,000 barrels per day in 2023 to more than 670,000 barrels per day in August 2026. Nationwide, production increased from about 635,000 barrels per day in 2023 to 932,000 barrels per day in August.
"Today, for the first time in history, we are just steps away from producing 1 million barrels per day," Milei said.
The president also highlighted growth in oil exports. He said Argentina exported an average of 128,000 barrels per day in 2023, a volume that doubled in 2026.
Milei defended the removal of domestic crude oil price controls as one of his administration's first measures to stimulate energy production.
Juan José Carbajales, a lawyer and former undersecretary of hydrocarbons, told UPI that the main factor behind the increase in energy export revenue was the international price of oil, which remained above $100 per barrel for six months.
"Crude oil prices explain much of this result. There has not yet been a significant increase in export volumes because transportation capacity still needs to be expanded," Carbajales said.
He said the Vaca Muerta Sur oil pipeline, scheduled to begin operations by the end of this year, would allow Argentina to increase oil shipments abroad.
He estimated that the impact would become apparent in February or March, when the new infrastructure would make it easier to transport larger volumes of crude oil from production fields to export terminals.
Carbajales said the results also benefited from increased sales of petroleum products, including liquefied petroleum gas, or LPG, and natural gas shipments to neighboring countries through pipelines.
However, he emphasized that international crude oil prices were the main factor behind the increase in energy export revenue.
Regarding liquefied natural gas, or LNG, which allows natural gas to be transported by ship after being cooled into liquid form, Carbajales estimated that its impact on Argentine exports would begin to emerge toward the end of 2027.
Outside the energy sector, exports of manufactured industrial goods rose 23% from January through September. Exports of primary products increased 14.5%, while agricultural manufactured goods rose 14.3%.
In trade by country, China overtook Brazil in September as Argentina's largest trading partner.
Argentine exports to China totaled $986 million, up 23.8% from a year earlier, while imports from China reached $1.82 billion, resulting in a bilateral trade deficit of $831 million.












