Meet Argentina

The Economy of Argentina

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Argentina suffered economically at the start of the 20th century as a result of being too reliant on the agricultural sector, and even up to the 1980s there was an over dependence on the meat, wool and leather industries Today it is a very different story with the country having an increasingly diverse economy.

Some of the produce available at a local market

The agricultural sector is still important to the country as the rich plains of the pampas produce vast amounts of rich agricultural produce. This is consumed both locally and exported abroad to provide much financial return.

The country is one of the biggest agricultural exports in the world and today it farms a far greater range of produce than it previously had. Beef and lamb are still extensively farmed, but now their importance is mainly in the domestic market.

The country’s farmers are now producing more cereals, vegetables and fruits. The fastest growing products are the bio fuels. The production of vegetable oils creates over 2 billion US dollar’s worth of exports, and this trend is continuing to rise.

In recent years more natural resources have been discovered in the country. Argentina covers such a large area that there are still areas that have not been exploited for the natural resources that they contain.

The North West region has the greatest supplies of different raw materials. There is coal in the Santa Cruz Province and there is copper, lead, bauxite plus other minerals in the region. There is even gold in the San Juan Province and the development of the country’s mining has seen it double its contribution to the nation’s GDP from 2% in 1980 to around 4% today.

There has been the discovery of oil in the Patagonian region of the country. The region also has supplies of gas, and there are a network of pipelines that transports the raw materials through the country to the refineries at both Bahia Blanca and La Plata-Greater Buenos Aires industrial belt.

The largest sector of the economy is manufacturing. Still half of manufacturing is closely related to agriculture but this is natural considering the size of the agricultural industry in the country. However, there has been a recent trend to greater diversification in recent years.

Veladero gold mine in San Juan Province

The country has a huge automobile industry with 791,000 vehicles being produced in 2013 of which 433,000 were exported. The beverage industry is also popular as the country produces great amounts of wine and beer that is exported to other area of the world.

There has been a recent upsurge in the number of industrial parks that have been created on the outskirts of the major cities. This has resulted in a number of small electronic industries being created and high tech industries are starting to make greater contributions towards the county’s GDP. The country provides the nation’s people with 80% of their mobile phones which is pretty impressive considering the quality of the international competition.

The country has the largest railway network of the whole of South America with 37,000 km worth of working lines. The problem is that for many years the tracks have been deteriorating in their quality and are constantly needing up grading and repairing. The roads in the country need to further investment as more people are able to purchase cars.

It is essential that the government continues to improve the transport network as it has such a role to play in the economic success of the country. This is true for manufacturing industry and also in the case of the emerging tourist trade that the country is now benefiting from.

Some of the most attractive destinations are in the remotest areas of the country, and people are having to rely on regional airports to access them. It is essential for the country that if it wishes to carry on improving economically it must invest heavily in its transport network.

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