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LatinNews Daily - 21 January 2025

In brief: Argentina records large trade surplus for 2024

*Argentina’s national statistics institute (Indec) has announced a trade surplus of US$1.67bn in December 2024, bringing the total surplus for the year to US$18.99bn. December’s result reflects a US$648m increase compared to December 2023 and marks 13 consecutive months of trade surplus. The yearly surplus is up from a deficit of US$6.93bn in 2023 and marks the largest annual trade surplus since 2009. Exports in December 2024 totalled US$7.04bn, up 33.4% year-on-year. Imports were also up year-on-year, totalling US$5.37bn in December 2024 – a 26.2% rise compared to the same month in 2023. In December, Brazil was Argentina’s biggest export destination, accounting for US$1.27bn, followed by Chile (US$738m), the European Union (EU) with US$614m, and the US (US$611m). Brazil was also the main source of imports, accounting for US$1.36bn, followed by China (US$1.21bn), the EU (US$763m), and the US (US$536m). The yearly surplus was made up of US$79.72bn in exports (+19.4% year-on-year) and US$60.82bn of imports (-17.5% year-on-year). Brazil again accounted for the most exports (US$13.61bn) and imports (US$14.25bn), while the US was the second biggest export destination (US$6.45bn), followed by Chile (US$6.32bn), and China was the second largest source of imports (US$11.67bn), followed by the US (US$6.23bn).

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