Due to greater activity in Dead CowArgentina closed 2024 with a surplus in the energy trade balance of US$5,668 millionthe highest in 18 years.
As reported by the Secretary of Energy of the Nationthe exports totaled last year US$9,677 millionwhile imports were from US$4,009 million.
“The energy sector is consolidated as one of the engines of growth for the country,” stressed the portfolio of Maria del Carmen Tettamanti.
According to official records, from 2006 to 2010 there was a surplus in the energy trade balance until 2010 when it began to turn negative. That period of deficit lasted nine years. In 2020, with the pandemic and lower energy consumption and imports, the balance was once again in surplus, but in 2021, 2022 and 2023 it returned to the red.
Vaca Muerta, the key that opened the doors to Argentina’s oil and gas record
The main reason for achieving the energy surplus was greater activity in Vaca Muerta. According to Energy data, the production of oil and gas of Argentina in 2024 was the highest in two decades.
“Argentina reached levels of gas and oil production that had not been recorded since 2003,” said the organization. Tettamanti, by disseminating a balance of the first year of management of the government of Javier Milei.
“In oilthe 746,000 barrels per daywhile in gas In August there were more than 153 million cubic meters per day“said the Ministry of Energy.
In 2024 there was a financial surplus for the first time in 14 years
The Ministry of Economy reported that “In 2024, the National Public Sector (SPN) recorded a primary surplus of 1.8% of GDP and a financial surplus of 0.3% of GDP.”.
“This result contrasts with the primary and financial deficit of 2.9% of GDP and 4.6% of GDP (excluding extraordinary income from the bidding for 5G frequencies), respectively, recorded in 2023,” says the Treasury Palace. in a statement.
In general terms, throughout the past year lCurrent income totaled about $98 billion, while current expenses were $93.8 billion. The accumulated primary surplus was $10.7 billion and the financial surplus was $1.7 billion.
As indicated by the Argentine Institute of Fiscal Analysis (IARAF), last year In 2024, 15 of the 16 national expenditures fell in real terms. The fall in primary spending of 27.5%. The exception was spending on universal allocations for social protection with an increase of 39%.
The trade surplus grew in December and in 2024 the balance was almost US$19 billion
The trade surplus grew in December and in the accumulated amount of 2024 it was US$18,899 million, the highest figure since there are records, in nominal terms. It happened both due to a significant increase in exports, thanks to the agriculture and energy sector, and due to a sharp drop in imports due to the recession and delays in payments during the first part of the year.
As reported by the INDEC This Friday, in the last month of the year the trade balance gave a positive result of US$1,666 milliongreater than the previous three months. It was the 13th month in a row with a favorable balance for the country.
Source: Ambito
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