Argentina’s Mining Exports Surge: $442M in October 2024, Driven by Gold and Silver Growth

Argentina‘s Mineral Exports in October 2024

Argentina’s mineral product exports totaled US$442 million in October 2024. This brought the total for the first ten months of the year to US$3.611 billion. Compared to October 2023, this represents a 61% increase. For the year-to-date, exports grew by 12.6%. In October, mining exports made up 7.0% of Argentina’s total exports, and for the first ten months, they accounted for 5.6%. This performance exceeded average mineral exports from 2010 to 2023 by 17.8%. The Ministry of Mining reported these figures.

Growth in Metallic Minerals

Metallic minerals dominated the mining exports, reaching US$365 million in October. This marked a 91.6% year-on-year increase, making up 82.5% of total mining exports for the month. Gold exports were the largest, totaling US$302 million, or 68% of the metallic minerals exported. Silver followed with US$59 million, accounting for 13%.

Gold exports rose by 101.2% from the previous year. This increase resulted from higher international prices and a 38% rise in export volumes. Silver exports grew by 85.9%, fueled by a 91% increase in volume and higher international prices.

For the first ten months of 2024, metallic minerals reached US$2.986 billion, a 24.7% rise from the previous year. Gold accounted for US$2.429 billion, or 67% of the total, while silver represented US$502 million, or 14%.

Lithium Exports

Lithium exports totaled US$61 million in October, a decrease of 7% from the previous year due to falling international prices. Despite this, lithium was the second most exported mineral, making up 13.8% of total mining exports for the month. From January to October 2024, lithium exports reached US$490 million, reflecting a year-on-year decline of 28.5%. However, quantity exported increased by 61.2%.

Other Mining Products

Other mining products exported in October amounted to US$16 million, a decrease of 12.3% from the previous year. Non-metallic minerals, such as borates and orthoboric acid, accounted for US$11.5 million. Rocks for applications, mainly lime, totaled US$4.8 million. For the year-to-date, other mining exports reached US$135 million, showing a 5.2% increase compared to the previous year.

Conclusion

In summary, Argentina’s mining exports in 2024 reflected a positive trend in value, primarily driven by metallic minerals like gold and silver. While lithium faced challenges due to lower international prices, it remains a key part of Argentina’s mineral exports. The mining sector continues to be a vital component of Argentina’s economy.