Globetrotting Argentines heading abroad more than doubled the number of foreigners arriving in the country in June, new figures from the INDEC statistical bureau show. In the first half of 2025, a fourth fewer visitors came to the country compared with the same period in 2024. 

The tourism deficit puts greater pressure on Argentina’s paltry international reserves, which the International Monetary Fund last week described as “critically low.” 

The INDEC did not say what was driving the deficit. However, when it comes to affording the trip, Argentina’s position in the region has shifted. Seventy percent of visitors to Argentina come from neighboring countries, while 60% of Argentine travelers are headed to a neighbor.

From 2019, several years of currency controls (cepo) dissuaded many Argentines from going abroad, while a chasm between the official and parallel rates made the country cheap in dollars. Now, the strong peso has come roaring back, while the cepo was lifted in April. 

Meanwhile, the real in neighboring Brazil has weakened, and Bolivia is experiencing an economic crisis of its own. This has meant that both Argentines and foreigners deciding which South American country to visit are finding Brazil the more affordable option.

While 29% more Argentines visited other countries in the month of June compared with the same month in 2024, 21% fewer foreign tourists arrived. This drop in visitors continued the trend of recent months.

Year-on-year, 24% fewer foreigners — almost a quarter less — came to Argentina in the first half of 2025, while the number of Argentines traveling abroad jumped by 60% in the same period. 

A total of 1.2 million Argentines traveled abroad in June. Just under half — 575,800 — were day trippers. Argentines often make short hops over the border to visit Uruguay, which is just over an hour away by ferry, or to shop in Chile or Paraguay.

By contrast, only 542,300 foreign tourists visited Argentina. The balance? A tourism deficit of 677,200 visitors.

According to an INDEC airport survey, last month foreign travelers spent a total of US$197 million, while Argentine tourists spent US$557 million in international destinations — a US$360 million deficit. Argentines also tend to spend more abroad each day (US$97) than arriving visitors do (US$84), survey data for the second quarter showed.

Seven out of 10 foreign tourists came from neighboring countries, especially Brazil (28%), Uruguay (20%), and Chile (11%). Similarly, 60% of Argentines travelers went to neighboring countries, mostly Brazil (19%) and Chile 16%). On Monday, the Argentine and United States governments announced that Argentina would start the process to rejoin the United States’ visa waiver program, which would allow Argentine nationals to visit the United States without a visa for up to three months. If the move goes as planned, it could spur even more outbound trips — and further drain international reserves.