Argentina oil exports close in on soy complex as Vaca Muerta grows

Argentina’s export profile is moving toward a historic shift, with the oil-petrochemical complex on track to overtake soy as the country’s leading source of export revenue before the end of 2026.

According to the latest INDEC data cited by AAACI, exports from the soybean complex reached US$9.08 billion in the first half of 2026, up 5.7% from the same period last year. Soy products accounted for 18.3% of Argentina’s total exports.

The oil-petrochemical complex, meanwhile, exported US$8.12 billion and lifted its share of Argentina’s foreign sales to 16.4%. That narrowed the gap between the two export pillars to US$966 million. With the oil-petrochemical complex growing at 43.7%, energy is now within reach of the top position in Argentina’s export ranking.

The increase was driven mainly by crude oil. Exports of crude reached US$4.70 billion in the first half, up 48% year over year. While higher Middle East-related prices contributed to the result, with prices rising 18.2%, the main driver was volume. Exported quantities increased 24.9%, supported by rising shale oil production.

Vaca Muerta is at the center of that change. Higher output from the Neuquén shale formation is creating larger exportable surpluses and gradually turning Argentina’s energy sector into a structural source of foreign currency.

The soybean complex continued to grow, but at a slower pace. Soybean meal and pellets rose 0.7%, soybeans increased 7.9%, and soybean oil gained 8.2%. The complex was constrained by a 2.3% decline in shipped volumes of soybean byproducts.

The longer-term comparison shows the scale of the shift. Between the first half of 2023 and the first half of 2026, exports from the soybean complex rose 16.8%, while exports from the oil-petrochemical complex doubled, increasing 100.2%.

Seasonality also favors energy in the race for first place. Soybean export revenue is historically concentrated in the first half of the year, meaning the complex may lose relative ground as 2026 progresses.

Still, the broader agribusiness sector remains far larger than oil and petrochemicals. When soy, corn, wheat, meat and sunflower are combined, they generated US$20.63 billion in exports during the first half, about 150% more than the oil-petrochemical complex.

In the first six months of the year, Argentina’s containerized cargo exports were shipped mainly to China, the United States, and Brazil, traditional destinations for the country’s exports. The chart below shows Argentina’s main containerized export cargoes:

Main Containerized Cargoes – Argentina | H1 2026 | TEUs

Source: DataLiner (click here to request a demo)

Other export generators

Behind soy and oil-petrochemicals, the corn complex ranked third with US$4.24 billion in exports, up 6.9%. The automotive sector followed with US$4.17 billion, a 4.7% increase.

Gold and silver completed the top five, with US$3.50 billion in exports and a 56.8% increase, supported by stronger global metal prices.

Other major export complexes included meat, with US$2.69 billion; wheat, with US$2.54 billion; sunflower, with US$2.08 billion; fisheries, with US$1.25 billion; and lithium, with US$1.13 billion.

The strongest growth rates came from lithium, up 186%; sunflower, up 128%; aluminum, up 92%; and gold and silver, up 56%. Smaller export complexes also posted sharp gains, including other metalliferous minerals, beans and lead.

Declines were more limited among the main complexes. Peanuts fell 2.1%, while pears and apples dropped 1.5%, sugar declined 10.5%, and rice fell 21.1%.

For exporters, shipping companies, terminal operators and logistics providers, the shift matters because it signals a changing cargo mix. Argentina oil exports require pipeline capacity, storage, tanker loading infrastructure and port access, while agribusiness exports rely heavily on grain terminals, crushing plants, inland transport and seasonal flows.

If the oil-petrochemical complex overtakes soy, the change would mark more than a statistical milestone. It would confirm that Vaca Muerta is reshaping Argentina’s foreign trade, reducing the relative dominance of the farm sector and making energy logistics a central pillar of the country’s export strategy.

Source: Forbes Argentina

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