Argentina records a $18.9B trade surplus in 2024 under President Javier Milei’s reforms, boosting exports and curbing inflation.
Record-Breaking Trade Surplus
In 2024, Argentina recorded a historic trade surplus of $18.9 billion, the highest in its history. Official data released Monday highlighted this as a significant achievement during President Javier Milei’s first full year in office. The surplus surpassed the previous record of $16.89 billion from 2009, thanks to a nearly 20% rise in exports and a 17.5% drop in imports.
Economic Reforms Under President Milei
Since taking office in December 2023, President Milei has implemented radical economic reforms based on neoliberal principles. His “chainsaw” approach to cutting public spending aims to combat Argentina’s severe financial crisis and rampant inflation. Milei also focuses on promoting energy exports, particularly shale oil and gas, while reducing currency controls to stimulate broader trade.
Export Highlights and Inflation Decline
Agricultural products were the cornerstone of Argentina’s $80 billion exports in 2024, with Brazil, the U.S., and Chile as top trade partners. Despite ending the year with an inflation rate of 118%, it marked a significant decline from over 200% the previous year.