Mineral product exports from Argentina reached a total of US$442 million in October 2024, bringing the total for the first 10 months of the year to US$3.611 billion. This performance represents a 61% year-on-year increase in October and a 12.6% growth for the year-to-date, compared to the same period in 2023. Mining exports accounted for 7.0% of Argentina's total exports in October and 5.6% for the year-to-date, exceeding the average mineral exports from 2010 to 2023 by 17.8%. This was reported in the latest update from the Ministry of Mining.
By Panorama Minero
Metallic Minerals: Sustained Growth
Among mining exports, metallic minerals stood out with US$365 million exported in October, marking a 91.6% year-on-year increase. This category represented 82.5% of the total mining exports for the month. Gold was the leading mineral exported, with US$302 million (68% of the total), followed by silver with US$59 million (13%).
Gold exports saw a remarkable 101.2% year-on-year increase, driven by both a rise in international prices and a 38% increase in exported volumes. Silver also showed strong growth, up 85.9% year-on-year, fueled by a 91% rise in volumes and higher international prices.
For the first 10 months of 2024, metallic minerals totaled US$2.986 billion, reflecting a 24.7% year-on-year increase. Gold accumulated US$2.429 billion (67% of the total), while silver reached US$502 million (14%).
Lithium: Price Decline but Strong Positioning for Argentina
In contrast, lithium exports totaled US$61 million in October, marking a 7% year-on-year decline due to falling international prices. Despite this decrease, lithium ranked second among the most exported minerals, accounting for 13.8% of total mining exports for the month. For the first 10 months of 2024, lithium exports reached US$490 million, a 28.5% year-on-year decrease, although the quantity of exports increased by 61.2%.
Other Mining Exports
Other mining products exported in October amounted to US$16 million, reflecting a 12.3% year-on-year decline. Of these, non-metallic minerals (such as borates and orthoboric acid) accounted for US$11.5 million, while 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% year-on-year increase.
Argentina's mining exports in 2024 continue to show a positive trend in terms of value, although with variations depending on the mineral. Metallic minerals, particularly gold and silver, remain the leaders in exports, while lithium faces challenges due to the decline in international prices. Despite these challenges, the sector remains a key pillar of Argentina's economy.
