Argentina posts record trade surplus of nearly $19 billion in Milei’s first year in office Reuters
BUENOS AIRES (Reuters) – Argentina posted a record $18.9 billion trade surplus for 2024, according to official data released on Monday, largely coinciding with libertarian President Javier Miley’s first full year in office.
Last year’s trade surplus exceeded the previous annual record of $16.89 billion set in 2009, and came in at the upper end of forecasts by analysts polled by Reuters, who had expected a figure between $18 billion and $19 billion.
December’s monthly trade balance recorded a surplus of $1.67 billion, marking thirteen consecutive months in which the value of exports exceeded the value of imports. The December data was also well above the $921 million surplus forecast in a Reuters poll.
Since taking office in late 2023, Milei has bet on boosting grain and energy exports while cutting public spending in a bid to tame runaway inflation in South America’s second-largest economy.
The far-right economist and former political outsider aims to make Argentina a net exporter of energy, fueled by its vast oil and shale gas reserves, while easing currency controls to boost other exports, including those from the country’s main grain sector.
The value of last year’s exports amounted to almost 80 billion dollars, led by agriculture and animal husbandry, while imports amounted to almost 61 billion dollars, according to data from the government’s official statistics office.
Neighboring Brazil was the main destination for Argentina’s exports last year, accounting for 17% of total exports, followed by buyers in the United States and Chile.
