Argentina breaks all-time record in exports during 2025

The third quarter marked a milestone with the highest physical volume exported in 15 years, while the mining sector projects to close the year with sales of more than US$ 5,400 million

BUENOS AIRES – In the third quarter of 2025, Argentina recorded the highest level of exports in terms of quantities in the last 15 years, according to official data from INDEC. The total volume of exported goods grew 12.9% year-on-year and exceeded the previous record of 2010 by 5.1%, consolidating an exceptional year for Argentine foreign trade.

The export performance reflects a genuine recovery of the country's productive capacity, with simultaneous improvements in physical volumes and terms of trade that position 2025 as a turning point for the national economy.

The export boom in figures

The index of exported quantities stood at 153.3, surpassing the previous record of 145.9 reached in 2010. Exports in quantities grew 23.2% compared to the same period in 2022 and 12.9% year-on-year, led by the agro-industrial and energy complexes.

During the first half of 2025, Argentina exported goods worth more than 39 billion dollars, ranking as the second highest value in terms of FOB value since at least 2002, just below the historical record reached in 2022.

In the first four months of 2025, exports totaled US$ 25,361 million, which represents a year-on-year increase of 5.8%, explained by a 6.6% increase in the quantities exported.

Mining stars in a historic year

The mining sector emerged as one of the big surprises of 2025. Argentina will reach historic mining exports in 2025 that exceed USD 5,400 million, driven by gold and lithium.

The first seven months of 2025 were an all-time record for the country, with mining exports totaling US$ 3,157 million, exceeding the level of 2011. Between January and September, mining exports reached US$ 4,213 million, which represents a year-on-year growth of 32.9%.

Gold consolidated itself as the main driver of the sector. In September, gold generated US$ 373 million, 48.9% more than a year ago, driven by a 158% increase in exported volumes. High international prices of the precious metal, which reached levels close to US$ 3,300 per ounce, boosted the sector's revenues.

Lithium consolidates its strategic leadership

Argentina closes 2025 with seven lithium operations underway, thanks to the commissioning of new strategic projects. Lithium exports totaled 594 million dollars between January and September, a year-on-year increase of 38.4%, with a 70% increase in exported volumes.

In September, lithium set its own historical monthly record with sales of US$ 89 million, representing 15.9% of the total exported from the mining sector. China, Germany and South Korea accounted for 90% of lithium exports for the month and 82% of the year's cumulative exports.

The Argentine lithium boom positions the country as a key player in the global supply chain for the electric vehicle and energy storage industry, sectors in full global expansion.

Agriculture and energy sustain growth

Primary products increased by 32.3% in quantities, and fuels and energy registered a rise of 31.5%. Manufactures of agricultural origin (MOA) also showed an advance of 11.8%.

The soybean sector registered an 18% increase in volumes, driven by better yields and international prices, while Vaca Muerta set record shipments of oil and gas, consolidating the energy sector as one of the engines of the external surplus.

The soybean complex maintained its leadership in Argentine exports, representing 16% of the total value exported in the first half of the year, although its relative share has been decreasing in the face of the advance of other sectors such as mining and energy.

Diversification and favorable terms of trade

One of the highlights of 2025 was the improvement in the terms of trade. The terms of trade improved 6.3% year-on-year, reaching the best record since 2011, which increases the country's external purchasing power.

Agro-industrial chains accounted for 57% of the total exported in the first half of 2025. Although they represent more than half of the value exported, this figure is the second lowest in the last decade, reflecting a process of diversification.

The mining and energy sector stood out with sustained growth, doubling its share in the last decade to reach 8% of total exports in 2025.

Export destinations

The main destinations for mining exports were India, China, the United States and Switzerland, which accounted for 82% of shipments in September and 81% in the annual cumulative

In the case of lithium, China, Germany and South Korea concentrated demand, although the United States reduced its purchases by 10% and South Korea by 46% compared to the same period in 2024, while Germany increased its demand.

Regional impact and projections

The export boom strengthened the country's macroeconomic figures and boosted regional economies. Mining activity generated employment, infrastructure development and increased tax collection in provinces such as Catamarca, Salta, Jujuy and San Juan.

Projections for 2026 anticipate the continuation of the trade surplus, with moderate export growth (+5%) and a gradual recovery in imports (+4%) associated with the reactivation of investment.

The year 2025 will be marked in Argentina's economic history as a turning point, with simultaneous records in multiple sectors that consolidate the country as a key supplier of strategic commodities for the global economy of the 21st century.

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The trial for the Notebooks of Bribes has begun: Cristina Kirchner faces accusations of more than 10 million dollars

The longest judicial process in Argentine history begins with 87 defendants and could last three years

Buenos Aires, November 7, 2025 — This Thursday began the largest oral trial in the history of Argentine corruption: the case of the Cuadernos de las Coimas. The process began after 10 a.m. with former President Cristina Kirchner as the main defendant, along with 86 other defendants. The hearing was held by Zoom because there is no courtroom in the country large enough to host this process.

A system of corruption that operated for 12 years

The indictment alleges that between 2003 and 2015 an illicit association dedicated to the collection of bribes operated, made up of figures such as Cristina Fernández de Kirchner, Julio De Vido, Roberto Baratta, Ricardo Jaime, Juan Pablo Schiavi, financier Ernesto Clarens and remisero Oscar Centeno.

The origin of the case dates back to the handwritten notes of Centeno, a driver for the Ministry of Planning, who for years recorded in eight notebooks the trips where he transported officials to collect bribes in companies and take them to destinations such as the Quinta de Olivos and the former president's Recoleta apartment.

The figures of the mega-case

In this first stage of the trial, 40 acts of passive bribery were read totaling more than 10.4 million dollars. However, the process covers 304 of the 540 acts of corruption in the "Notebooks" universe, so the figures could multiply substantially.

The defendants include:

• 22 former officials of the Kirchner government, including Julio De Vido, Roberto Baratta, José López, Ricardo Jaime and Juan Pablo Schiavi
• 65 leading businessmen , representatives of the main public works firms in the country
• The driver Oscar Centeno, who wrote the notebooks

The mechanisms of corruption

In the mechanism under investigation, there are direct payments recorded in Oscar Centeno's notebooks from businessmen to officials and other outsourced through payments received by the financier Ernesto Clarens and the then president of the Argentine Chamber of Construction, Carlos Wagner.

The repentant financier Ernesto Clarens described that the prices of public works were artificially inflated by 20%: that percentage was made up of 10% for bribes and the remaining 10% to generate black money. According to José López, since 2011 the percentages required for the award of works have been reduced to 3%.

The accusations against Cristina Kirchner

The former president is accused of being the head of an illicit association, co-author of 204 passive bribes and a necessary participant in passive bribery. Cristina Kirchner is accused of having been the final beneficiary of at least 38 bribe payments for 17 million dollars.

The indictment alleges that these payments came from businessmen seeking to maintain their public works contracts. During the first day of the trial, the former president participated from her home at 1111 San José, where she is serving a sentence for the Vialidad case, together with her lawyer Carlos Beraldi.

The court and the development of the process

Judges Enrique Méndez Signori, Fernando Canero and Germán Castelli head the court, while Attorney General Fabiana León is in charge of the prosecution.

During the first month of the process, the requirements for elevation to trial will be read, which means presentations and accusations. Then will come the inquiries of the accused.

The trial began with one hearing per week, on Thursdays, but will change pace in March, when two weekly debates will be held. Even so, the process could take three years or more.

The Repentant and the Trials

In the case there are 24 accused collaborators who confirmed the illicit maneuvers, including former officials such as Claudio Uberti, José López and the driver Oscar Centeno, along with renowned businessmen such as Calcaterra, Pescarmona and Roggio.

In 2025, the original notebooks appeared and the expert report confirming that Centeno was indeed the author of those manuscripts was incorporated as evidence. However, in August 2025, an expert report carried out by the Gendarmerie and the Federal Police found that, although the primary writing corresponded to Centeno, more than 1,500 corrections, deletions and adulterations were detected in the notebooks that did not correspond to the driver.

Attempts to avoid judgment

On October 6, 2025, the Federal Oral Court No. 7 rejected the economic offers presented by more than fifty businessmen and former officials, considering that it was not appropriate to apply the figure of "comprehensive reparation" to extinguish the criminal action.

Among the outstanding offers: Ángelo Calcaterra's defense offered more than $2.4 billion to close the case against him, while Benito Roggio proposed another $1.8 billion.

A historic trial in times of Zoom

87 defendants and their defense attorneys met via Zoom for the longest trial in the history of Argentine corruption, with a hearing broadcast on the YouTube channel of the Supreme Court.

The hearing began almost an hour late due to delays by the defendants. During the broadcast, four court clerks took turns reading the first of a series of indictments that will take until the beginning of the summer judicial recess.

The reading of the accusation began with the statement of LA NACION journalist Diego Cabot, who narrated how he received the notebooks of the bribes from Jorge Bacigalupo, a former policeman friend of Centeno who, without notifying him, delivered the documents to the press.

The political context

Cristina Kirchner described the process as "another judicial show" on her social networks before the start of the trial, arguing that it is a distraction while "the future of work and retirements is discussed."

The libertarian government decided not to comment on the trial, and it is expected to be an extensive process that may take about three years to begin to glimpse the stage of the convictions.

The case of the Cuadernos de las Coimas represents a turning point in Argentine judicial history, not only because of the magnitude of the accusations, but also because it brings together for the first time in the same process the most powerful officials of the last decade with the main businessmen who managed the country's public works.

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Brazil on the brink: 130 dead in police operation spark political crisis months before elections

The situation in Brazil has become critical following a massive police operation in Rio de Janeiro's favelas, where more than 2,500 officers confronted the Red Command, the country's largest criminal organization. The result was one of the bloodiest days in the city's recent history, with more than 130 dead.

🔥 Keys to the conflict

• The epicenter of the crisis was in two favelas dominated by drug trafficking, where a confrontation of warlike proportions broke out. Urban violence exposed the fragility of the security system and the increasing militarization of state forces.
• Immediate political repercussions: The state government in Rio, aligned with Bolsonarism, accused the federal government of inaction and of having left Rio "alone" in the fight against organized crime.
• President Lula da Silva's response: The president denied the accusations and sent a mission to dialogue with Governor Carlos Castro (Liberal Party), seeking to agree on security measures. Among the options is the application of a Law and Order Guarantee (GLO), which would imply the militarization of key sectors of the city.

🗳️ Impact on the presidential campaign

• A year before the elections, the crisis has placed the issue of public security at the center of the political debate. The tragedy threatens to affect the presidential race of Lula da Silva, who is seeking re-election.
• The Bolsonarist right has capitalized on the moment to reinforce its heavy-handed discourse, while the federal government tries to balance the response without deepening militarization.

🌍 Broader context

• This episode reflects a deep institutional crisis in Brazil, where the fight against organized crime has become an urban war. The political polarization between the federal government and the states governed by the right further complicates the coordination of security policies.
• The situation has generated international alarm and has put Brazil's borders on high alert, given the risk of violence spreading to other regions.

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🧓 Retirement without retirement: 17% of older adults in Argentina continue to work, and the figure is growing

The loss of the purchasing power of pension funds and the need to cover basic expenses push thousands of retirees to remain active. Experts warn about the physical, emotional and social impact of this growing trend.

Buenos Aires — In Argentina, retiring is no longer equivalent to retiring from the labor market. An increasingly widespread phenomenon reveals that approximately 17% of older adults continue to work despite being of retirement age. The figure, which is constantly increasing, reflects the economic tensions that the country is going through and highlights the limitations of the pension system.

According to official data and surveys by specialized organizations, about 1.2 million people over 65 years of age remain economically active, either in formal jobs, informal jobs or their own ventures. This reality contrasts with the traditional image of the retiree who enjoys his rest after decades of contributions.

💼 More obligation than choice

"In most cases, it is not a choice linked to the desire to stay active or socialize, but an imperative economic need," explains sociologist María Elena Rodríguez, a specialist in the elderly. "Retirement benefits have lost much of their purchasing power, and many older adults are forced to continue working to cover essential expenses such as medicines, food and services."

The situation is especially critical for those who receive the minimum pension, which represents only a fraction of the minimum living and mobile wage. With health expenses that increase with age and constantly rising rates, the pension is insufficient to sustain a dignified life.

🧰 Sectors and work modalities

The older adults who continue to work are mainly concentrated in the service sector, commerce and independent activities. Many work as caregivers, shop employees, cleaning staff, taxi drivers or in various trades. There are also professionals who continue to practice autonomously or provide advice in their areas of specialization.

Roberto Fernández, 68, is one of them. Retired three years ago as an administrative employee, today he works as an application driver. "What I receive from retirement is not even enough for medicines and basic expenses," she says. "I work six hours a day, Monday through Friday. It's not what I dreamed of for this stage of my life, but it's what I have to do."

⚠️ Health and quality of life at risk

Gerontology specialists warn about the physical and emotional consequences that this situation generates. "The body no longer has the same resistance, and many jobs involve physical effort or long days on their feet," says Dr. Javier Martínez, a geriatrician at the Italian Hospital. "We frequently see symptoms of exhaustion, stress and aggravation of pre-existing pathologies."

In addition, the need to work limits access to recreational activities, regular medical check-ups and the necessary rest time. "A vicious circle is generated: they work to pay for medicines, but the work itself deteriorates their health," Martínez adds.

🌎 A regional trend

The phenomenon is not exclusive to Argentina. In several Latin American countries, population aging combined with insufficient pension systems is generating similar situations. However, Argentina has its own particularities, such as persistent inflation and successive economic crises that eroded the real value of retirement benefits.

According to the Economic Commission for Latin America and the Caribbean (ECLAC), poverty among older adults is on the rise in the region, and the need to supplement pension income is one of the main causes of permanence in the workforce at an advanced age.

📣 Claims and proposals

Retirees' organizations have been demanding for years improvements in pension benefits and retirement mobility that recovers lost purchasing power. "We are not asking for privileges, we are asking for what we are entitled to after 30 or 40 years of contributions," says Graciela López, a leader of a group of retirees from the Buenos Aires suburbs.

From the academic field and social organizations, alternatives are proposed: updating of salaries above inflation, protected employment programs for the elderly, subsidies for medicines and expansion of health coverage.

📊 An expanding demographic challenge

With a progressively aging population – it is estimated that by 2050 more than 20% of Argentines will be over 65 years old – the sustainability of the pension system and the quality of life of older adults are emerging as one of the main social challenges of the coming decades.

"It is not just an economic problem or isolated public policies," concludes Rodríguez. "It is a question of the model of society: what place do we want our older adults to occupy and how do we guarantee that they can live with dignity after a life of work."

Meanwhile, thousands of Argentine retirees continue to get up every morning, not to enjoy their retirement, but to earn the livelihood that their retirement no longer guarantees.

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