Argentina’s mining exports totaled US$519 million in November 2025, bringing the cumulative total for January–November to US$5.406 billion. Monthly performance was mixed: metallic minerals drove export growth, while lithium shipments declined compared to the same period last year.
By Panorama Minero
Metallic Minerals on the Rise, Lithium Under Review
Beyond November’s performance, the results reflect the expansion of metallic mining projects and the influence of international lithium prices. Between January and November 2025, Argentina’s mining sector recorded year-on-year growth of 30.7%, standing 56.6% above the 2010–2024 historical average.
Metallic minerals generated US$434 million in November, accounting for 83.6% of total mining exports, with a 2.0% year-on-year increase. Lithium exports reached US$74 million, representing 14.3% of the total, and posting an 8% decline compared to November 2024.
Gold: The Engine of Mining Exports
Gold led mining exports with shipments totaling US$365 million, a 12.5% year-on-year increase, accounting for 70% of total mining exports. This growth was driven by higher international prices and a 30% increase in export volumes.
Silver, meanwhile, recorded a 36.9% year-on-year decline, equivalent to US$34 million less than in November 2024, mainly due to a 48% drop in export volumes.
During the first eleven months of 2025, metallic minerals generated US$4.458 billion, representing a 30.6% year-on-year increase, with gold contributing US$3.7 billion and silver US$675 million.
Lithium: Despite Monthly Decline, Expansion Continues
Lithium exports totaled US$74 million in November, reflecting an 8% year-on-year decrease due to lower volumes (-9%) and fluctuations in international prices. Despite this, lithium retained second place among Argentina’s most exported minerals, accounting for 14.3% of total monthly mining exports.
Between January and November, lithium exports reached US$783 million, marking 37.1% year-on-year growth and representing 14.5% of total mining exports. In historical terms, this figure represents the strongest performance ever recorded for the first eleven months of a year.
In volume terms, lithium exports increased by 58.2%, reinforcing Argentina’s positioning as a key player in the regional lithium supply chain alongside Chile and an emerging Brazil.
Key Destinations and Export Concentration
In November 2025, Switzerland, the United States, China and Canada accounted for 78% of mining exports, totaling US$403 million. On a year-to-date basis, these markets represented 76% of total exports, equivalent to US$4.098 billion.
Approximately 77% of metallic mineral exports were shipped to these four destinations, while the remaining 23% was mainly distributed among India, South Korea, Germany, Belgium and Brazil.
For lithium, China and the United States concentrated 88% of monthly exports. However, official data indicate that between January and November 2025, U.S. participation declined by 22%, while Germany recorded a 39% increase, highlighting shifting trade dynamics and the growing importance of strategic destinations.
