Argentina Posts Record $18.9 Billion Trade Surplus in 2024
Buenos Aires, Argentina - Argentina recorded a remarkable $18.9 billion trade surplus in 2024, marking a historic high, according to official figures released on Monday. This achievement aligns with the first full year in office for President Javier Milei, an advocate of libertarian economic policies.
The trade surplus surpasses the previous record of $16.89 billion set in 2009 and exceeds the expectations of analysts polled by Reuters, who projected a figure between $18 billion and $19 billion. December's monthly trade surplus reached $1.67 billion, extending a streak of 13 consecutive months where exports outpaced imports.
President Milei's economic strategy has prioritized boosting grain and energy exports while reducing public spending to combat inflation in Argentina, South America's second-largest economy. An ardent free-market advocate, Milei aims to transform Argentina into a net energy exporter by leveraging its vast shale oil and gas reserves. He also seeks to ease currency controls to enhance exports, particularly from the country's robust agricultural sector.
In 2024, Argentina's exports surpassed $80 billion, with agriculture and ranching serving as the leading contributors. Imports amounted to approximately $61 billion. Brazil remained Argentina's primary export destination, accounting for 17% of the total, followed by the United States and Chile.