Argentia recorded its biggest-ever trade surplus in 2024, the INDEC national statistics bureau reported Monday – partly due to a drop in imports caused by economic recession.
The nation recorded a positive trade balance to the tune of US$18.8 billion last year, compared to a deficit of US$6.9 billion the year before, the data showed.
"In 2024, Argentina exported US$79.721 billion and imported US$60.822 billion," said INDEC.
The agro-exporting country's previous biggest trade surplus was for a figure of US$16.8 billion in 2009.
Argentina's livestock and grain exports, badly hit by a historic drought in 2023, recovered the following year. Exports were further boosted by President Javier Milei's devaluation of the peso shortly after taking office in December 2023.
Overall, exports rose 19.4 percent year-on-year, driven by primary products (up 27 percent) and agricultural and livestock products (up 24 percent).
Imports fell sharply in 2024, however, as Milei's cost-cutting policies took root, causing a slump in spending, specialists say.
"The trade surplus is due to a deep recession in Argentina, which has contracted imports,’" explained economist Pablo Tigani.
Argentina's economy contracted 2.1 percent year-on-year in the third quarter of 2024.
For 2025, the government is counting on a rebound, with growth of five percent – the same figure predicted by the International Monetary Fund.
Argentina's main trading partner is Brazil, responsible for 17.1 percent of Argentina's exports and 23.6 percent of its imports.
– TIMES/AFP
