Argentine mining exported US$1.5 billion in the first five months of the year

In May 2024, mineral exports totaled US$383 million, accumulating a total of US$1.577 billion in the first five months of the year. These figures represent 5.5% of Argentina's total exports in May and 5.1% for the year-to-date. Reported by the National Mining Secretariat, this performance reflects a 21.5% year-on-year increase in May, despite a 3.5% decrease in the year-to-date total. Compared to the 2010-2023 average, the 2024 year-to-date total is 5.9% higher.
_**By Panorama Minero**_
Of the US$383 million exported in May, US$344 million were from metallic minerals, marking a 42.6% year-on-year increase in this category. Metallic minerals accounted for 89.8% of the month's total mining exports, with gold leading at US$305 million (80% of the total) and silver at US$34 million (9% of the total). The remaining US$6 million (1.5%) were attributed to other metallic minerals, mainly lead.
The export value of gold in May showed a 73.4% year-on-year increase, equivalent to US$129 million more than in 2023, driven by a 2,149% increase in exported volumes. In contrast, silver exports fell by 38.2% year-on-year, with a decrease of US$21 million, primarily due to lower export prices.
In the cumulative total for the first five months of 2024, metallic mineral exports reached US$1.294 billion, a 7.4% year-on-year increase. Gold contributed US$1.084 billion (69% of the total), silver US$183 million (12% of the total), and other metallic minerals US$26 million (2% of the total). This allowed metallic minerals to represent 82% of total mining exports. During this period, gold exports increased by 25.2% year-on-year, while silver exports decreased by 41.4%.
Regarding lithium, US$29 million were exported in May, a 53.1% year-on-year decrease. This mineral ranked third in May's mining exports, down from second place the previous month, and represented 7.7% of the month's total exports. The decrease in export value, similar to silver, was due to lower export prices. In the first five months of 2024, lithium sales abroad totaled US$227 million, a 38.8% year-on-year decrease, representing 14.4% of total mining exports. However, historically, this figure is the second highest for the first five months of a year, with 2023 being the record year. In terms of exported quantities, lithium increased by 55.1% in the year-to-date.
The remaining mining products totaled US$10 million in exports in May, a 16.2% year-on-year decrease. Of this total, US$7.3 million came from non-metallic minerals, with borates, bentonite, and orthoboric acid prominent. Additionally, US$2.4 million were exported in application rocks, mainly limes (68% of the category). In the first five months of 2024, exports of these other products reached US$57 million, a 3% year-on-year decrease.
**Main Destinations**
Switzerland, China, Canada, and the United States were the main destinations for Argentine mining exports in May, accounting for 89% (US$342 million) of the total exported. For the year-to-date, these countries represented 79% (US$1.244 billion) of mining exports.
Exports to these countries were predominantly in metallic minerals, which accounted for 92% of the total exported to these destinations in May and 85% in the first five months of the year. These four destinations explained 82% of total metallic mineral exports in the same period, with the remaining 18% mainly directed to India, Belgium, South Korea, Chile, and Peru.
In the case of lithium, exports also concentrated in a few destinations, with China, the United States, and South Korea representing 96% of lithium exports in May and 89% for the year-to-date. China and the United States notably increased their share of these exports, with increases of 151% and 15%, respectively, in the first five months of 2024 compared to the same period in 2023.