Jan. 22 (Bloomberg) -- Argentina's trade surplus widened to a record last year amid surging exports of grains and vehicles and declining imports of fuel and lubricants.

The 2006 trade surplus grew to $12.4 billion from a revised $11.7 billion the previous year, the National Statistics Institute said in a statement The surplus widened in December to $1.5 billion from a revised $1.13 billion a year earlier. That was higher than the $990 million median forecast in a Bloomberg survey of nine economists.

Imports in December rose 10 percent to $2.76 billion from $2.50 billion a year earlier, led by metals such as aluminum and fertilizers. Imports of petroleum products registered a decline of 38 percent to $79 million in December from $127 million in the same period a year earlier.

``I wouldn't expect the trade surplus to stay at that level all year,'' said Pablo Morra, an economist at Goldman Sachs Group Inc. in New York. Argentina will probably post monthly trade surpluses of $800 million to $900 million this year based on higher imports and rising demand for exports such as wheat and soy, he said.

Argentina is the world's second-largest exporter of corn and the third-largest exporter of soybeans. The country has recorded nearly four straight years of economic growth of over 8.5 percent since recovering from a default on $95 billion worth of loans in late 2001.

To contact the reporter on this story: Bill Faries in Buenos Aires at wfaries@bloomberg.net.

Last Updated: January 22, 2007 17:34 EST