Argentina is on track to achieve its largest trade surplus in history, driven by the country’s strong exports of grains and energy. The anticipated surplus for 2024 is expected to reach an impressive $18 billion to $19 billion, marking a milestone in Argentina’s trade performance.
Under the leadership of President Javier Milei, who took office in December 2023, Argentina has seen significant progress in expanding its export sectors. The country’s strong agricultural and energy exports have benefitted from improved weather conditions and a more favorable economic environment. As the world’s leading exporter of processed soy oil and meal, and a major supplier of corn, wheat, and beef, Argentina continues to strengthen its position in global markets. Additionally, its rich lithium reserves—vital for electric battery production—further boost its role in the global economy.
Milei’s efforts to transform Argentina into a net energy exporter, focusing on the abundant shale reserves in the Patagonian Vaca Muerta region, have also contributed to this remarkable trade performance. Analysts project that the country will exceed the previous trade surplus record of $16.89 billion, set in 2009, with the final 2024 figures showing a trade surplus between $18 billion and $19 billion.
The trade surplus for the first 11 months of 2024 stands at $17.20 billion, a remarkable turnaround from a $7.94 billion deficit in the same period of 2023. Argentina’s economic reforms have also played a role in reducing inflation, with the rate dropping from nearly 300% in April to 117.8% at year-end.
Looking ahead, while imports may rise in 2025 as the Argentine peso strengthens and import restrictions are eased, Argentina’s positive trade balance outlook remains strong. The country is poised to continue leveraging its vast resources to foster economic growth and expand its presence in global markets.
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