Argentina's Secretary of Mining has reported that mineral exports in June 2024 totaled US$265 million, bringing the total for the first six months of 2024 to US$1.86 billion. These figures represent 4.8% of Argentina's total exports for June and 5.1% for the first half of the year. However, this marks a year-on-year decline of 15.6% for June and 4.5% for the year to date. Despite these drops, the cumulative exports for 2024 are 3.6% above the average level for the same period from 2010 to 2023.
By Panorama Minero
Of the total exported in June 2024, $215 million came from metallic minerals, reflecting a 16.3% year-on-year decrease compared to June 2023. This category accounted for 81.0% of the month’s total mineral exports, with gold contributing US$163 million (61%) and silver US$48 million (18%). The remaining US$5 million (1.8%) was from other metallic minerals, mainly lead. Gold exports saw a year-on-year decline of 11.4% (US$21 million less than in 2023) due to lower export volumes. Silver exports fell 30.2% year-on-year (US$21 million less than in 2023), also due to a 24% decrease in export volumes.
In the first half of the year, metallic mineral exports totaled US$1.519 billion, a 4.0% year-on-year increase. Gold accounted for US$1.255 billion (67% of total exports), silver US$233 million (13%), and other metallic minerals US$31 million (2%). This category represented 81.7% of total mineral exports for the period. Gold exports saw a 19.5% year-on-year increase, while silver exports dropped 38.7%.
Lithium
In June, lithium exports amounted to US$40 million, a 14.2% year-on-year decrease. Lithium maintained its position as the third most exported mineral, accounting for 15.0% of total mineral exports for the month. This decline was primarily due to lower export prices. For the first half of 2024, lithium exports reached US$272 million, down 34.7% year-on-year, representing 14.6% of total mineral exports. Despite this, the export volume increased by 62.4% compared to the same period in 2023, making it the second-highest first-half year in historical terms, with 2023 being the highest.
Other Exports
Other mineral products reached US$10 million in June, a 4.6% year-on-year decrease. Non-metallic minerals accounted for US$8.1 million, with notable contributions from borates, orthoboric acid, and bentonite. Additionally, US$2.2 million came from construction materials, primarily lime. For the first half of 2024, these exports totaled US$69 million, a 1.0% year-on-year decrease.
Main Export Destinations
In June, the United States, Switzerland, China, and South Korea accounted for 88% (US$234 million) of Argentina's total mineral exports. For the first half of the year, these countries represented 76% (US$1.417 billion) of the total. Metallic minerals made up 83% of the exports to these countries in June and 82% for the first half of the year. These four destinations also represented 77% of total metallic mineral exports for the first half of 2024, with the remaining 23% mainly going to Canada, India, Belgium, Chile, and Peru.
Similarly, lithium exports are concentrated in a few destinations, with China, South Korea, and the United States representing 96% of lithium exports in June and 90% for the first half of 2024. Notably, China and the United States increased their shares of Argentina's lithium exports by 134% and 10%, respectively, compared to the same period in 2023.
