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Is Argentina the next emerging market? Is it too late to climb aboard? With the country on track to post a strong fiscal trade surplus and growth this year, this momentum should carry through 2011. It has been reported that Argentina's central bank expects gross domestic product to expand between 8.9% and 9.5% this year due to private consumption and higher exports to key trading partners such as Brazil and China.

As China seeks new relationships to secure long-term sources of key commodities like food and oil, Argentina may expand even faster than normal. Even during the international financial crisis, Argentina was able to grow its economy 0.9% -- and that was before its connections with China were as well developed as they are now. In fact, some traders even characterize Argentina as a nice downstream play on the China boom.

Strong growth is fueling increased tax revenue, and Argentina is expected to end the year with a fiscal surplus of about 1.4% of GDP and a trade surplus of over $11 billion. While there is no pure ETF play for Argentina, there are at least two that offer various blends of stocks from Argentina, Brazil, Chile, China and others: iShares S&P Latin America 40 Index Fund (NYSEARCA:ILF) and PowerShares DWA Emerging Markets Technical Leaders (NYSEARCA:PIE).

Disclosure: No positions

Source: Investing in Argentina: Solid Economic Momentum and Emerging Market Growth Potential