The sector recorded exports totaling USD 650 million in the month and consolidated an annual cumulative amount of USD 4.87 billion
The improvement in international prices, combined with a 5% increase in volumes shipped, allowed the exported value to grow 40.2% year-on-year, or USD 121 million more than in 2023.
Silver also showed a remarkable advance. Its shipments totaled USD 95 million, 15% of the mining total, with 60.8% year-on-year growth that amounted to USD 36 million additional. According to the official report, this performance was explained by the combination of better prices and a rebound in exported volumes.
Lithium, meanwhile, established itself as the second most exported mineral of the month, with sales of USD 105 million. The year-on-year growth was 71.8%, driven by a 74% increase in volumes shipped abroad. This was also a historical record for October, allowing it to account for 16.2% of mining exports for the month.
According to BBVA Research, if Argentina manages to move forward with most of the investment projects currently in the pipeline and keeps stable macroeconomic and regulatory conditions, mining exports could reach USD 25 billion by 2033.
Currently, the activity represents less than 1% of GDP and contributes less than 6% of national exports, but analysts highlight that the global energy transition opens a strategic window for the country.
The report emphasizes that Argentina's project portfolio is among the most relevant in the world to supply the growing demand for critical minerals, with planned investments exceeding USD 35 billion over the next ten years. If these initiatives manage to move forward, mining could become one of the engines of the national economy during the next decade.
Argentine mining exports closed October with unprecedented performance, driven by the increase in private investments under the government of Javier Milei, the strong dynamism of metalliferous minerals, and the sustained rise of lithium.
According to data released by the Secretariat of Mining, the sector recorded foreign shipments totaling USD 650 million in that month alone, a figure that consolidated an annual total of USD 4.87 billion between January and October and set a new historical record.
The volume reached not only represents 4% growth compared to the total exported during all of 2023, but also surpassed the values recorded in 2011, when the sector had reached USD 4.082 billion in the same period.
This surge confirms the greater weight of mining within national foreign trade, where mining products accounted for 8.9% of the country's exports in October, while in the cumulative total for the first ten months of the year, their share reached 6.9%.
The year-on-year increase was one of the most notable data points. The value exported in October grew by 45.4% compared to the same month in 2023, and the annual total showed a 34.6% increase over the previous year. In addition, the total exported between January and October was 57% above the historical average recorded between 2010 and 2023 for that period.
Within the export basket, metalliferous minerals accounted for the largest share of sales, with exports totaling USD 525 million during October. This amount represented a 42.9% year-on-year increase and accounted for 80.8% of mining shipments for the month. Gold once again took center stage in the segment: it reached sales of USD 424 million, equivalent to 65% of all mining exports.
