BUENOS AIRES (Reuters) – Argentina posted a record $18.9 billion trade surplus for 2024, according to official data released on Monday, largely in line with the first full year of libertarian President Javier Milei at work.

Last year’s trade surplus surpassed the previous annual record of $16.89 billion set in 2009, and came in at the high end of the forecast from analysts polled by Reuters, who expected a figure between $18 billion and $19 billion.

December’s monthly trade balance showed a $1.67 billion surplus, marking thirteen consecutive months that the value of exports exceeded the value of imports. The December data was also above the $921 million surplus forecast in a Reuters poll.

Since taking office in late 2023, Milei has bet on boosting grain and energy exports along with cutting public spending in a bid to reduce inflation in the country’s second-largest economy. South America.

The far-right economist and one-time political outsider aims to make Argentina a net energy exporter, fueled by its vast shale oil and gas reserves, while also easing currency controls to boost other sectors. exports, including from the country’s major grain sector.

The value of exports last year stood at nearly $80 billion, led by farming and ranching, while imports totaled nearly $61 billion, according to data from the government’s official statistics office.

Neighboring Brazil was the main destination for Argentina’s exports last year, accounting for 17% of the total, followed by buyers in the United States and Chile.