Argentina Achieves Record Trade Surplus Amid Economic Reforms

Argentina reported a record $18.9 billion trade surplus for 2024, driven by increased exports and reduced public spending under President Javier Milei. The surplus surpassed a previous high set in 2009 and reflected thirteen consecutive months of positive trade balance, with significant contributions from grains and energy sectors.

Argentina has achieved an unprecedented $18.9 billion trade surplus in 2024, marking a significant milestone for President Javier Milei's administration. This achievement surpasses the previous record set in 2009 and comes as a result of concerted efforts to boost exports and curb public spending.

December alone saw a $1.67 billion surplus, ending a streak of thirteen months where the nation's exports consistently outpaced imports. Analysts had anticipated figures between $18 billion and $19 billion, aligning closely with the final numbers released by officials.

Milei, known for his libertarian economic reforms, has focused on enhancing the grains and energy export sectors, leveraging Argentina's rich shale oil and gas reserves while easing currency controls. Neighboring Brazil led as the primary export destination, followed by the US and Chile.

(With inputs from agencies.)