Under the administration of Javier Milei, the energy sector has once again consolidated itself as one of the main net generators of foreign currency for Argentina during 2026. According to the latest Argentine trade exchange report (ICA) published by INDEC, the balance of mineral fuels, mineral oils, and derived products recorded a surplus of USD 6.576 billion between January and August.
The result represents a significant improvement compared to the same period in 2025, when the positive balance was USD 3.812 billion. In absolute terms, the net energy contribution grew by USD 2.765 billion, a year-on-year expansion of 72.5%, according to official data.
The information was revealed a day after the Senate approved the Biofuels law.
The improvement was mainly explained by the growth of exports. During the first eight months of the year, external sales in the energy sector reached USD 9.207 billion, 47.7% more than in the same period of 2025. Imports, on the other hand, totaled USD 2.631 billion, with an increase of 8.7%.
The main driver was crude oil, with exports of the product reaching USD 6.625 billion between January and August, compared to USD 4.284 billion a year ago, representing a growth of 54.7%. Thus, crude oil alone accounted for more than two-thirds of the exports included in the energy sector during the period.
Sales of gasoline also increased, reaching USD 460 million in the first eight months and growing 34.5% year-on-year. Meanwhile, the rest of the products included in the energy chapter of the ICA totaled USD 1.179 billion, with an improvement of 59.9% compared to the same period in 2025.
On the import side, liquefied natural gas imports stood out, reaching USD 867 million and growing 42.6%, and electricity imports totaled USD 678 million, an increase of 71%. In contrast, dieselex purchases fell by 45.2% and totaled USD 397 million.
Milei's government recorded a trade surplus of USD 2.187 billion in August
The positive trend also continued during August. In the eighth month of the year, the energy balance recorded a surplus of USD 771 million, compared to USD 661 million in August 2025. Exports grew by 33% year-on-year and totaled USD 1.263 billion, while imports reached USD 493 million.
The weight of energy on Argentina's external result is already considerable and consolidates a change from the energy deficits that marked the last decade. Of the USD 18.249 billion in trade surplus accumulated by the country until August, USD 6.576 billion corresponded to the energy balance, which accounts for about 36% of the total positive trade balance for the first eight months of 2026.
