Argentina marks file commerce surplus at almost $19 billion in Milei’s first yr as president

BUENOS AIRES (Reuters) – Argentina posted a file $18.9 billion commerce surplus for 2024, in keeping with official knowledge launched on Monday, that largely coincides with libertarian President Javier Milei’s first full yr on the job.

Final yr’s commerce surplus exceeds the earlier annual file of $16.89 billion set in 2009, and got here in on the higher finish of the forecast from analysts polled by Reuters, who anticipated a determine between $18 billion and $19 billion.

December’s month-to-month commerce stability featured a $1.67 billion surplus, marking 13 consecutive months that the worth of exports exceeded the worth of imports. The December knowledge was additionally effectively above the $921 million surplus forecast in a Reuters ballot.

Since he took workplace in late 2023, Milei has guess on boosting grains and power exports together with slashing public spending in a bid to tame runaway inflation in South America’s second-biggest financial system.

The far-right economist and one-time political outsider goals to make Argentina a internet power exporter, powered by its huge shale oil and fuel reserves, whereas additionally easing forex controls to spice up different exports, together with from the nation’s main grains sector.

The worth of final yr’s exports stood at almost $80 billion, led by farming and ranching, whereas imports totaled nearly $61 billion, in keeping with knowledge from the federal government’s official statistics workplace.

Neighboring Brazil was the principle vacation spot for Argentina’s exports final yr, accounting for 17% of the entire, adopted by consumers in the US and Chile.