Argentina's Oil Exports Threaten to Overtake Soy as Top Export Revenue Source

Argentina's export profile is undergoing a significant shift, with the oil-petrochemical complex on track to surpass soy as the country's leading source of export revenue by the end of 2026. According to INDEC data cited by AAACI, exports from the soybean complex reached $9.08 billion in the first half of 2026, up 5.7% from the same period last year. Meanwhile, the oil-petrochemical complex exported $8.12 billion and lifted its share of Argentina's foreign sales to 16.4%, narrowing the gap between the two export pillars to $966 million.

The growth in the oil-petrochemical sector was driven mainly by crude oil exports, which reached $4.70 billion in the first half, up 48% year over year. Higher Middle East-related prices contributed to the result, but the main driver was volume, with exported quantities increasing 24.9%, supported by rising shale oil production from Vaca Muerta.

Vaca Muerta is at the center of this change, as higher output from the Neuquén shale formation creates larger exportable surpluses and gradually turns Argentina's energy sector into a structural source of foreign currency. The soybean complex continued to grow, but at a slower pace, with soybean meal and pellets rising 0.7%, soybeans increasing 7.9%, and soybean oil gaining 8.2%.