INSUBCONTINENT EXCLUSIVE:
This remarkable achievement stems from a decrease in imports due to the recession and a surge in agricultural exports following a year of
drought.The National Statistics Institute (INDEC) released these figures on Monday, March 20
Exports reached $79.72 billion, while imports totaled $60.82 billion in 2024
This surplus surpasses the previous record of $16.88 billion set in 2009.The result marks a significant turnaround from the $6.9 billion
The Ministry of Economy celebrated this achievement on social media platform X
The 19.4% year-on-year increase in exports was driven by primary products and agricultural manufacturers.These sectors grew by 27% and 24%
respectively, rebounding from the drought-stricken 2023
However, economists point out that the surplus also reflects a 17.5% drop in imports amid economic recession.Argentina Achieves Record Trade
A study by the Argentine Center for Political Economy (CEPA) supports this view.It explains the surplus as a result of both decreased
imports due to lower economic activity and increased agricultural exports post-drought
Struggles and Trade SurplusThis surplus allowed the Central Bank to accumulate dollars
This surplus resulted from currency devaluation and reduced imports
office saw inflation drop from 211% to 117%
The country also achieved its first annual fiscal surplus in 14 years
However, these economic indicators come at a social cost.Recession, job losses, and poverty rates exceeding 50% in the first half of the
year paint a challenging picture
Despite recent signs of decline in poverty rates, the road to economic recovery remains complex.The government faces the task of balancing
fiscal discipline with the need to address pressing social issues
As Argentina navigates these challenges, the record trade surplus provides a glimmer of hope for economic stability.
