Report on Foreign Direct Investment

Quarterly report that analyzes the liabilities of foreign direct investment in companies in the country.

Summary

– Transactional net FDI flows. Net inflows from foreign direct investment in Argentina of USD 2,866 million in the second quarter of 2025.
– Capital income from FDI and reinvestment of profits. Capital income was USD 2,888 million in the second quarter of 2025. At the sectoral level, 36% of capital income was explained by “Manufacturing industry” and 18% by “Deposit-taking companies, except the central bank”. The distribution of profits and dividends in the second quarter of 2025 was USD 1,204 million, so the reinvestment of profits stood at USD 1,684 million.
– Capital contributions. Net income from capital contributions of USD 977 million in the second quarter of 2025, of which 71% corresponded to cash contributions. “Mining and quarrying” (USD 704 million) and “Manufacturing industry
” (USD 116 million) were the sectors that received the largest amount of contributions in the quarter.
– Debt transactions. Net income from debt transactions with related companies of USD 1,457 million in the second quarter of 2025, explained by a commercial debt of USD 895 million, mainly due to the increase in debt for exports of goods, linked to the Food Processing sector (Manufacturing industry), where companies dedicated to the commercialization of oilseeds and cereals are located. This increase was partially offset by debt cancellations for imports of goods and services. Increase in financial debt of USD 562 million, mainly associated with the increase in earnings and dividend debt and financial loans.
– Mergers and acquisitions. Net outflow from mergers and acquisitions of USD 1,252 million in the second quarter of 2025, mainly explained by “Mining and quarrying”, specifically by “Extraction of crude oil and natural gas”.
– Transactional FDI flows by sector of economic activity. The sectors that attracted the highest FDI flows in the second quarter of 2025 were: “Manufacturing industry”, with USD 2,121 million, and “Wholesale and retail trade, repair of motor vehicles and motorcycles”, with USD 547 million. In FDI outflows, “Mining and quarrying” (USD -704 million) stood out.
– Transactional FDI flows by country of origin. The main source of FDI flows in the second quarter of 2025 was Spain, with net inflows of USD 633 million, followed by the United Kingdom with USD 587 million. Then came the United States, with USD 569 million, France, with USD 307 million and Mexico, with USD 259 million.
Among the net outflows, the Netherlands (USD -833 million) stood out.
– Gross passive position. It reached USD 186,769 million as of 06/30,25, with equity holdings of USD 130,287 million, and debt instruments for USD 56,482 million.
– Gross passive position by sector. The main destination sector of FDI as of 30.06.25 was “Manufacturing Industry”, with a position of USD 66,961 million, followed by “Mining and quarrying”, with a position of USD 49,259 million and “Wholesale and retail trade, repair of motor vehicles and motorcycles”, with a stock of USD 18,785 million. These three sectors together accounted for 72% of the FDI stock as of 30.06.25.
– Gross passive position by country. The United States was the main source of FDI in Argentina as of 30.06.25, with a stock of USD 31,808 million, which represented 17% of the total holdings. In second place was Spain, with a gross passive position of USD 26,825 million (14% of the total), and in third place was the Netherlands, with USD 22,685 million (12% of the total). These three countries accounted for 44% of the FDI stock in Argentina