Financial analysts said Wednesday that Argentina had a trade surplus for the 10th consecutive month under liberal President Javier Millei in September, bringing the South American nation closer to a $16 billion surplus since he took office.
The surplus in September was about $1.28 billion, driven by growth in agriculture, mining, shale oil and natural gas. Argentina is starting to do the same. earn money It uses lithium, which is a key component in electric vehicle (EV) batteries.
Economist Pablo Besmedrisnik told Reuters that Argentina's significant increase in energy production was driving export growth.
“The energy sector will end 2024 with a positive result of around $4.2 billion to $5.0 billion, mainly due to lower activity levels due to increased local hydrocarbon production and lower energy consumption,” he said. ” he said.
Trade with Brazil was particularly active in September. crowding The company reached a surplus of $2.73 billion, an increase of 27% from the previous year. Purchases of big-ticket consumer products such as passenger cars and commercial vehicles from Brazil also recorded solid growth as Argentines had more money to spend.
Argentina ran Although the country's agricultural industry was known to have generated substantial surpluses before Mr. Milley took office, most years before Mr. Milley took office had significant trade deficits.
Millay in April announced Argentina has recorded a budget surplus for the first time in 16 years. The surplus was $309 million, which was only about 0.2% of Argentina's gross domestic product (GDP), but given the state of the balance sheet under his predecessor, Mr. Millay called it a “worldwide surplus.” “It is a feat of historical significance.”
