Argentina has recorded a significant trade surplus for 2024, amounting to $18.8 billion, reversing a $6.9 billion deficit from the previous year. This marks the highest surplus since 2009, when it reached $16.8 billion.
The surplus is attributed to a nearly 20% increase in exports alongside a 17.5% decline in imports, driven by President Javier Milei's stringent austerity measures aimed at overhauling the economy. Since taking office in December 2023, Milei has implemented radical reforms, focusing on a neoliberal model to address the country’s financial crisis and curb soaring inflation.
Key agricultural exports, including soybeans, wheat, corn, and beef, contributed significantly to the trade surplus, totaling approximately $80 billion. The import value stood at just under $61 billion, with Brazil being the largest export market, followed by the United States and Chile.
Inflation in Argentina decreased to 118% year-on-year at the end of 2024, down from over 200% the previous year. The economic contraction, which saw a 2.1% decline in GDP in Q3 2024, is showing signs of slowing, with the government projecting a recovery in 2025. However, the austerity measures have led to increased poverty, affecting over 50% of the population.