Argentina's Record Trade Surplus Surpasses $18 Billion in 2024
Argentina achieved a remarkable trade surplus of $18.9 billion in 2024, marking an all-time high for the nation. The data, released by the government, aligns with the first full year of President Javier Milei's libertarian rule.
This surplus surpasses the previous record of $16.89 billion set in 2009. It also exceeds the forecast of $18-$19 billion predicted by analysts surveyed by Reuters.
December's monthly trade balance alone generated a $1.67 billion surplus, extending the streak of consecutive months with positive trade balances to 13. This figure significantly exceeded the $921 million surplus anticipated by Reuters.
Under Milei's leadership, Argentina's economic strategy has prioritized increasing grain and energy exports while reducing public spending to address rampant inflation. The far-right economist aims to transform Argentina into a net energy exporter, leveraging its substantial shale oil and gas resources.
Additionally, he plans to ease currency controls to stimulate exports, particularly in the lucrative grain sector.
Official statistics indicate that exports in 2024 reached nearly $80 billion, dominated by agricultural products. Imports, on the other hand, totaled approximately $61 billion.
Brazil emerged as the primary export destination, accounting for 17% of Argentina's exports. Other major markets include the United States and Chile.