Argentina’s Record Trade Surplus in 2024

BUENOS AIRES (Reuters) – Argentina posted a record $18.9 billion trade surplus for 2024, according to official data released on Monday, coinciding with libertarian President Javier Milei‘s first full year in office.

Last year’s trade surplus exceeds the previous record of $16.89 billion set in 2009 and falls within the forecasts of analysts who expected a figure between $18 billion and $19 billion.

December’s monthly trade balance reported a $1.67 billion surplus, marking thirteen consecutive months where exports exceeded imports. This figure was significantly higher than the $921 million surplus projected in a Reuters poll.

Since taking office in late 2023, Milei has focused on boosting grains and energy exports while cutting public spending to combat soaring inflation in South America’s second-largest economy.

The far-right economist aims to transform Argentina into a net energy exporter, leveraging its vast shale oil and gas reserves, while also reducing currency controls to enhance other exports, particularly in the major grains sector.

The total value of 2024 exports was nearly $80 billion, predominantly from farming and ranching, while imports totaled approximately $61 billion, according to government statistics.

Neighboring Brazil was the largest destination for Argentina’s exports, accounting for 17% of the total, followed by buyers in the United States and Chile.