Buenos Aires again became the province that exported the most despite the boom of Vaca Muerta

Buenos Aires remained the leading province in Argentina's exports during the first half of 2026, despite the surge driven by the Vaca Muerta oil field, according to data released by the National Institute of Statistics and Census (INDEC). Argentine exports reached a new record, totaling USD 49.454 billion, marking a 24.4% year-on-year increase and setting a historical high for this period. While the expansion of Vaca Muerta boosted sales in Neuquén and the broader Patagonian region, Buenos Aires retained its position as the top exporting province, supported by its agricultural output, industry, and petrochemical sector. The Pampean region accounted for 66.1% of national exports during the first six months, generating USD 32.698 billion. The Patagonia came second with USD 8.783 billion (17.8%), followed by the northern interior (NOA) with USD 3.203 billion (6.5%) and the Cuyo region with USD 2.517 billion (5.1%). All regions saw increases in free-on-board (FOB) values, though their performance varied significantly. Among provinces, Buenos Aires led with USD 15.748 billion, representing 31.8% of the total. It was followed by Santa Fe with USD 9.237 billion and Córdoba with USD 5.880 billion. Neuquén, benefiting from the development of Vaca Muerta, secured the fourth place in the national rankings with USD 4.283 billion in exports. Other provinces such as Santa Cruz, Chubut, San Juan, and Entre Ríos contributed smaller shares, collectively accounting for 84% of the country’s total exports. Meanwhile, Salta, Jujuy, Mendoza, and La Pampa recorded exports between USD 500 million and USD 999 million, while Tucumán, San Luis, Catamarca, Santiago del Estero, Río Negro, Tierra del Fuego, Misiones, CABA, Corrientes, and Chaco exported amounts ranging from USD 100 million to USD 499 million. La Rioja and Formosa fell below USD 100 million in exports. The agricultural sector continues to play a central role in Buenos Aires' dominance. Alejandro Pegoraro, director of Politikon Chaco, explained that the province’s leadership stems from its diverse production base. “Buenos Aires has a substantial share of grain and cereal production, along with a notable presence in industrial and fuel exports, especially through its petrochemical complex. This has historically positioned it at the forefront,” he noted. When asked whether Neuquén could surpass Buenos Aires in the coming years, Pegoraro expressed skepticism. He suggested that while growth in energy might give Neuquén a chance in five to ten years, the agro sector would remain a key driver of overall export volume, giving Buenos Aires a lasting advantage. In terms of annual growth, Catamarca led with a 118.7% increase, followed by Jujuy with 94.2%, and Santa Cruz with 86.2%. These gains were largely attributed to the performance of industrial manufacturing. In contrast, Formosa was the sole province to experience a decline, recording a 3.5% drop in export value compared to the same period last year. When measured per capita, Santa Cruz topped the list with USD 6,419 per person, followed by Neuquén at USD 6,093 and Chubut at USD 2,918. At the other end of the spectrum, La Rioja had USD 192 per resident, Corrientes USD 152, Chaco USD 126, the City of Buenos Aires USD 62, and Formosa USD 23. Analysts project that Argentina’s exports will reach a record level for the entire year of 2026, potentially exceeding USD 100 billion, with a close-to-record trade surplus. This outlook reflects the continued strength of both traditional sectors like agriculture and emerging ones such as energy and manufacturing.