Argentina records historic trade surplus of $19 billion

Argentina is set to achieve its largest trade surplus in history for 2024, with estimates between $18 billion and $19 billion, surpassing the previous record of $16.89 billion in 2009. This surge is largely attributed to President Javier Milei's policies aimed at boosting grains and energy exports since he took office in December 2023. The country, a leading exporter of processed soy oil, corn, and beef, has seen significant growth in exports due to relaxed currency controls and favorable weather conditions. From January to November 2024, Argentina recorded a $17.20 billion trade surplus, a stark turnaround from a $7.94 billion deficit in the same period of 2023. However, analysts warn that the surplus may narrow in the coming year as imports are expected to rise amid a strengthening economy and the lifting of some import taxes. Inflation has notably decreased under Milei's administration, closing the year at 117.8%, down from a peak of nearly 300%.