What Are The Biggest Industries In Argentina?
In Latin America, Argentina’s economy is third among the largest economies coming after Brazil and Mexico. Statistics provided by the International Monetary Fund’s World Economic outlook database shows $879.4 billion GDP in 2016 for Argentina. Being a well-developed nation undertaking diverse exporting ventures in textile, agricultural goods, and industrial products, Argentina’s economic status is steadily improving. With a population of 43.9 million residents, the growth of the industrial sector is creating employment opportunities. Cordoba is the globally recognized industrial center in Argentina housing motor assembly and metalworking among other manufacturing sites.
Food Processing and Beverages Industry
Bestowed with rich fertile lands, Argentina has vast agricultural and energy resources which are used in the industry sector in the country. The improvements witnessed in the wheat, corn, and barley agricultural produce, made the cereal export boost the food industry. The food processing and beverages companies are mostly located in Buenos Aires. One of the oldest and significant industries in Argentina has always been the processing and packaging of foods. Starting off with the processing and packaging of meat meant to be exported, the food processing and beverage sector has now ventured into diverse foods and drinks that have markets globally.
Appliances and Electronics Industry
The availability of needed resources in Argentina has dramatically boosted the performance of the biggest industries in the country. The innovative sector in appliances and electronics industry continue to evolve and modernize to meet the growing global and local market demands.The Argentina appliances and electronics industry are among the few nations with high numbers in home appliances production. Favorable government policies have enabled this industry to record a positive market forecast which has been aided by the use of internet retailing to reach a global client base with ease.
Textile Industry
Showing a significant growth of 75% in 2002 the textile industry has been recorded to be among the biggest industries in Argentina. Conducive political and economic conditions increased the purchasing power of the people and tourists. Estimated to be worth $12 billion, the Argentina textile industry has boosted the clothing sector which has made global fashion designer icons source for their high-quality clothing materials from Argentina. Boasting with more than 11,500 manufacturing textile companies that are owned by local families, the Argentina Apparel Industrial chamber records a production value of $2.7 billion annually.
Oil Industry
The oil industry in Argentina has always received government support. The exporting of petroleum fuels started at an all-time low 800,000 barrels in the 90s but steadily grew with the discovery of oil reserves located at Rio Negro Norte.
Sustainable Economic Development
The biggest Industries in Argentina in total account for 69.7% of the total exports. As the country works towards improving the living standards of its people, an economic transformation is witnessed that promotes sustainable economic development. New technologies are adopted by most of the biggest industries in Argentina. The country has taken an active role in international affairs and in 2018 and will be holding the presidency of the G20. Recently, the country became an observer in the Pacific Alliance and has expressed interest in joining the OECD.
