Argentina is the third-largest economy in Latin America with a GDP of $620 billion in 2024 and a population of  47.64 million, spread among 23 provinces. The country is one of the most urbanized nations in the world, with approximately 92 percent of its population residing in urban areas. Nearly 38 percent of the population lives in Buenos Aires (capital and province), while another 21 percent is concentrated in the provinces of Córdoba, Santa Fe, and Mendoza. Argentina boasts a highly skilled and educated workforce, with a literacy rate of 98 percent and the second-highest level of English proficiency in Latin America. The country is endowed with abundant natural resources in agriculture, energy, and mining, and is considered a major leader in international markets due to its longstanding reputation as an agro-exporter country.

In recent years, Argentina faced a severe economic recession. In 2024, Argentina experienced its seventh recession in the last 10 years and faced a 117.8 percent year-over-year (YOY) inflation rate. Despite the ongoing economic challenges, the new administration has made notable strides in its first year, showcasing a commitment to economic recovery.

Since December 2023, Argentina has embarked on a comprehensive transition toward a more liberalized economy. The administration is implementing an ambitious stabilization program focused on lowering inflation and driving sustainable economic growth. Key measures include the simplification of import regulations and procedures, reductions in public spending, phasing out subsidies, and the elimination of the fiscal deficit. In March 2025, Argentina reported its fourteenth consecutive monthly fiscal surplus and reduced inflation to 55.6 percent YOY. Most notably, as of April 2025, the government lifted most of its long-standing currency controls, locally known as the “cepo cambiario” and country risk decreased to 720 basis points from 1,900 in December 2023. Under the new foreign exchange framework, both individuals and, for future transactions, businesses are permitted to purchase U.S. dollars without restrictions or limits. This reform is particularly impactful for Argentine importers, who can now pay for goods upon shipment arrival (previously, payments were delayed by 30 days), besides the possibility to repatriate profits to foreign branches of the company. Other mechanisms have been announced to allow businesses to repatriate profits earned before 2025.

Despite slowing economic activity and an erosion of local purchasing power, U.S. exports of goods and services to Argentina amounted to $16.5 billion in 2024, while imports from Argentina to the United States reached $9.8 billion.  The U.S. is Argentina’s third-largest trading partner and the largest partner for 7 of its 23 provinces.  Main U.S. exports to Argentina include petroleum and coal products, pharmaceuticals and medicines, basic chemicals, aerospace products and parts, and computer equipment. Leading Argentine exports to the United States include oil and gas, nonferrous (exc. Alum.) & processing, pharmaceuticals and medicines, alumina & aluminum and processing, and fishing. Travel and business services are both the United States’ and Argentina’s principal service exports.

The U.S. is also Argentina’s leading foreign direct investor, with a total stock of $14.5 billion in 2023. There are more than 330 U.S. companies present in Argentina, many of which have been established for over a century. Significant opportunities exist for U.S. companies in energy, mining, health, agriculture, information technology, and safety and security, among others. U.S. businesses are widely respected in Argentina for their good business practices, transparency, corporate social responsibility, high-quality standards, and exceptional customer service.

Reasons why U.S. companies should consider exporting to Argentina:

• Argentina is a resource-rich country with enormous potential for further development. The country has the second-largest shale gas and fourth-largest shale oil reserves in the world,  as well as abundant solar and wind energy resources.
   
• Argentina features the third-largest proven lithium reserves, after Chile and Australia, and is expected to become a leading exporter over the next decade. More than 70 percent of Argentina’s proven lithium resources are yet to be exploited.
   
• Argentina is the largest exporter of soybean oil and flour and is within the top three largest exporters of corn, sorghum, and sunflower oil. U.S. expertise, technology, products, and equipment are needed to further develop the agricultural sector.
   
• Argentina’s commitment to meeting the Paris Climate Accord regulations by 2050 makes it an attractive destination for U.S. clean energy technologies.
   

Political Environment

Visit State Department’s website for background on the country’s political and economic environment.