Argentina’s industrial production fell 3.2% year-on-year in January 2026, following a 3.9% decline in December. Ten of sixteen manufacturing divisions posted annual drops. The steepest declines were in machinery and equipment (-20.2%), motor vehicles, bodies, trailers, and parts (-25.7%), wearing apparel, leather, and footwear (-20.6%), other equipment and instruments (-22.1%), rubber and plastic products (-8.0%), metal products (-8.0%), and textiles (-23.9%). Positive contributions came from chemical substances and products (7.2%), non-metallic mineral products (4.3%), petroleum refining, coke, and nuclear fuel (2.2%), tobacco products (2.5%), wood, paper, publishing and printing (0.2%), and basic metal industries (0.2%).