Argentina's external trade account in 2024 recorded its strongest merchandise trade surplus in at least 14 years — a turnaround driven by the confluence of an exceptional agricultural harvest, a sharp recession-driven compression of imports, and the growing contribution of energy exports. The surplus provided the foreign exchange foundation for the economic stabilization program and enabled the Central Bank to rebuild net reserves from a position of acute scarcity at the start of the year.
Exports: agriculture and energy lead the recovery
Total merchandise exports reached approximately $79.7 billion in 2024, a 19% increase compared to 2023. Agricultural and agro-industrial products dominated the export structure, representing around 59% of total exports — led by soybean meal, soybean oil, corn, and wheat. The agro-industrial complex benefited from the recovery of grain production after the 2022/23 drought, with volumes rising sharply across all major crops. Petroleum products and energy accounted for about 10% of exports, reflecting the growing contribution of Vaca Muerta. Industrial manufactures — vehicles, chemical products, and processed foods — contributed approximately 22%. Our dashboard on foreign trade provides monthly export and import data disaggregated by product category, destination market, and province of origin.
Imports: recession-driven compression
Total imports fell to approximately $60.8 billion in 2024, a 17% decline from 2023. The contraction was largely demand-driven: the economic recession that characterized the first half of the year depressed both consumer spending and business investment, reducing the need for imported consumer goods, industrial inputs, and capital equipment. The foreign exchange restrictions in place throughout most of 2024 also made import payments more complex, creating additional friction. The fastest-declining category was consumer goods, followed by fuel imports (which fell as domestic production increased). Import recovery was fastest in capital goods in Q4 2024 (+22% year-over-year) as investment began to revive with economic stabilization, signaling a potential normalization of the import bill in 2025.
Trading partners: Brazil, China, and the US lead
Argentina's trade geography in 2024 reflected its structural position as an agricultural exporter with diverse industrial trading relationships. Brazil remained the single largest trading partner, accounting for approximately 15.2% of total two-way trade — reflecting deep integration through Mercosur, particularly in manufactured goods and industrial inputs. China represented 12.8% of total trade, primarily as a destination for soybeans and derivatives. The United States accounted for 8.3%, followed by Chile (4.9%) and India (3.7%). Our dashboard on international agreements contextualizes these trade relationships within the framework of bilateral and multilateral trade arrangements that govern Argentine commerce.
The financial channel: offsetting the trade gains
While the merchandise trade account was strongly positive, the capital and financial account told a more complex story. Capital outflows through various legal channels — including debt payments, profit remittances, and financial asset purchases — partially offset the trade surplus and limited the net reserve accumulation that the Central Bank was able to achieve. This tension between a healthy trade balance and a structurally weak capital account is a recurring feature of Argentina's external position and one of the key challenges for sustaining currency stability over the medium term. The gradual lifting of exchange rate controls — expected to proceed in 2025 — will test whether the trade surplus can be sustained as import demand normalizes and capital flows are liberalized.
