Argentina achieved a historic trade surplus of $18.9 billion in 2024, the highest ever recorded, coinciding with President Javier Milei’s first full year in office. This surpasses the previous record of $16.89 billion set in 2009. The surplus aligns with analysts’ predictions, who anticipated a figure between $18 billion and $19 billion.
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Milei’s Economic Policies and Export Focus
President Milei’s economic strategy, implemented since taking office in late 2023, centers on expanding exports, particularly in the agricultural and energy sectors. Simultaneously, he has pursued significant public spending cuts to combat inflation, a persistent challenge for the Argentine economy.
Milei’s vision for Argentina includes transforming the nation into a net energy exporter by leveraging its substantial shale oil and gas reserves. Furthermore, his administration has focused on relaxing currency controls to stimulate exports across various sectors, notably the crucial grains industry.
December’s Strong Performance and Consecutive Surplus Months
The robust trade performance extended throughout the year, culminating in a December surplus of $1.67 billion. This marks thirteen consecutive months where Argentina’s exports have outpaced imports. December’s result significantly exceeded the $921 million surplus projected by analysts.
Export and Import Breakdown: Key Sectors and Trading Partners
Total exports for 2024 reached nearly $80 billion, driven primarily by the agricultural and livestock sectors. Imports totaled close to $61 billion, creating the substantial trade surplus.
Brazil emerged as Argentina’s leading export destination, receiving 17% of the total shipments. The United States and Chile followed as significant trading partners.
Conclusion: A Year of Record Trade for Argentina
Argentina’s record-breaking trade surplus in 2024 underscores the impact of President Milei’s economic policies. The emphasis on export growth, particularly in energy and agriculture, combined with efforts to control inflation, has contributed to this positive outcome. The sustained surplus throughout the year, culminating in a strong December performance, indicates a positive trend for Argentina’s trade balance. However, the long-term sustainability and broader economic implications of these policies require further observation and analysis.
