Oil, gas, and mining generated nearly US$ 8.2 billion between January and April, a figure practically equal to that provided by the agro-export complex, confirming that Vaca Muerta and mining projects are beginning to play a central role in generating dollars for Argentina.
According to a report by the consulting firm 1816, based on sectoral data from the Central Bank, the net supply of dollars from oil, gas, and mining reached around US$ 8.15 billion in the first four months of the year. This amount was practically equal to that generated by cereals and oilseeds in the same period, a fact that confirms the advancement of two strategic sectors for foreign currency income.
Mining is starting to play a central role in Argentine politics
The agricultural sector continues to be one of the central pillars of foreign trade, but energy and mining are starting to occupy an increasingly important place in the balance of payments. In the energy case, Vaca Muerta appears as the main driver of this new phase, while mining gains weight due to the development of projects related to lithium, gold, silver, and copper, made possible by the RIGI of Javier Milei.
According to a survey by the consulting firm Paspartú, of the US$ 94.922 billion approved in projects, 51% corresponds to mining companies and 42% to oil and gas. Additionally, the Central Bank recorded that by April, around US$ 1.3 billion had already been disbursed.
In the case of cereal companies, 91% of the income for the quarter came from net exports. In oil, gas, and mining, that proportion was 71%, as a significant part of the flow came through dollar-denominated debt issuances, especially negotiable obligations placed by companies.
This point was also highlighted by the Mediterranean Foundation, which noted that behind this supply of foreign currency was a combination of commercial and financial factors. According to the entity, from the elections until now, corporate and provincial debt issuances have accumulated nearly US$ 15.5 billion, reinforcing the supply of dollars in the exchange market.
Projections for the coming years deepen this trend. EcoGo estimated that energy exports could reach US$ 15 billion by 2026, compared to US$ 11 billion projected for 2025. In mining, external sales would rise from US$ 5.6 billion to US$ 7.7 billion.
Javier Milei's economic project is beginning to yield results
The agricultural sector, for its part, will continue to be decisive for the external front. The same consulting firm projected agricultural exports close to US$ 32 billion in 2026, driven by the improvement in international prices of major agricultural products.
With this scenario, EcoGo raised its forecast for total goods exports, which would be close to US$ 97 billion in 2026. The result would be a substantial improvement in the trade balance, with a surplus estimated at around US$ 20 billion, compared to US$ 11.3 billion calculated for 2025.
