Oil gains ground in Argentina's export basket with a boost from Vaca Muerta

The expansion of unconventional production in Vaca Muerta increased oil's share of Argentina's exports during the first half of 2026. Between January and June, crude oil was the country's leading individual export product, ahead of traditional items such as corn and soybeans, according to data based on statistics from the National Institute of Statistics and Censuses (INDEC).

The performance was supported by growth in exported volumes. According to the sources consulted, shale oil production advanced and expanded Argentina's capacity to send oil to foreign markets, strengthening the hydrocarbons sector as a source of foreign exchange.

In an analysis by export complexes, the oil and petrochemical sector accumulated US$ 8.116 billion in the first half, up 43.7% from the same period a year earlier. The soybean complex recorded US$ 9.082 billion, with growth of 5.7%. The difference between the two groups was US$ 966 million.

Within the energy complex, exports of crude petroleum oils totaled approximately US$ 4.7 billion during the period. Revenue from this segment grew by approximately 48% year on year, driven mainly by an increase in shipped quantities, which rose 24.9%. Higher international prices also contributed to the result.

Soybeans showed more moderate growth. Exports of meal and pellets increased 0.7%, while external sales of beans rose 7.9% and those of oil, 8.2%. Exported volumes of by-products, however, fell 2.3%.

The comparison between the first halves of 2023 and 2026 highlights the change in the composition of the export basket. During that period, the soybean complex grew 16.8%, while the oil and petrochemical complex doubled in size, expanding 100.2%.

Despite the convergence between oil and soybeans and oil's lead among individual products, agribusiness as a whole remained ahead. The combined total for soybeans, corn, wheat, meat, and sunflower reached US$ 20.630 billion in the first half of 2026, comfortably exceeding the result for the oil and petrochemical complex.

The data therefore indicate a transformation in the individual ranking of Argentina's exports without changing agribusiness's lead as a group. As Vaca Muerta production grows faster than soybeans, energy has taken on a more relevant role in generating the country's export revenues.