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Argentine Tech Industry Earns Billions of Dollars Off the Books

  • Companies and freelance workers aim to avoid FX controls
  • Argencon says currency distortions cause “brain drain” in tech
An Argentine flag stands on display in Plaza de Mayo in Buenos Aires.

An Argentine flag stands on display in Plaza de Mayo in Buenos Aires.

Photographer: Erica Canepa/Bloomberg

Billions of dollars in Argentine technology exports are going unreported as companies and freelance workers skirt currency controls, according to an industry group. 

About $2.2 billion of service exports from the country’s technology sector may go unreported in official data this year, according to Luis Galeazzi, executive director of Argencon, an advocacy group that published its semiannual report on Thursday. Last year, the figure was about $1.8 billion, Galeazzi said.