BUENOS AIRES, Jan 21 (Reuters) - Argentina recorded its largest energy trade surplus in almost two decades last year, as per the energy secretariat's announcement on Tuesday. This achievement is attributed to President Javier Milei's strategy of leveraging oil and gas exports to stimulate the country's ailing economy and pull it out of recession.
In 2024, the Latin American nation exported $9.68 billion worth of fuel and energy while importing $4.01 billion, resulting in a surplus of $5.67 billion.
According to the data, which is part of a larger report, Chile emerged as the primary destination for Argentina's energy exports.
Milei aims to utilize the growth in energy and agricultural exports, coupled with reduced public spending, to combat soaring inflation and replenish the depleted state coffers in South America's second-largest economy.
The conservative economist and former political outsider is banking on transforming the country into a net energy exporter by developing its Vaca Muerta shale reserves, among the world's largest.
Earlier on Tuesday, state-owned energy company YPF announced a partnership with three Indian firms to potentially export up to 10 million metric tons of liquefied natural gas (LNG) annually.