BUENOS AIRES (Reuters) – Argentina posted a record trade surplus of $18.9 billion for 2024, according to official data released on Monday, largely coinciding with Liberal President Javier Miley's first full year in office.
Last year's trade surplus exceeded the previous annual record of $16.89 billion recorded in 2009, and came at the upper end of the expectations of analysts polled by Reuters, who expected a figure ranging between $18 billion and $19 billion.
The monthly trade balance for December achieved a surplus of $1.67 billion, which means that the value of exports exceeded the value of imports during thirteen consecutive months. December's data was also much higher than the $921 million surplus expected in a Reuters poll.
Since taking office in late 2023, Miley has bet on boosting grain and energy exports alongside cutting public spending in an attempt to curb runaway inflation in South America's second-largest economy.
The far-right economist and former foreign policy expert aims to make Argentina a net energy exporter, backed by its vast shale oil and gas reserves, while easing currency controls to boost other exports, including the country's key grain sector.
Last year's exports were worth nearly $80 billion, led by agriculture and livestock raising, while imports totaled about $61 billion, 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 the total, followed by buyers in the United States and Chile.
