UPDATE 1-Argentina's Jan trade surplus $1.164 bln-President

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BUENOS AIRES, Jan 20 (Reuters) - Argentina's trade surplus was $1.164 billion in January as the value of exports soared 67 percent from the same month last year, President Cristina Fernandez said in a speech on Wednesday.

The January trade surplus was narrower than the $1.79 billion surplus in December, a 4-1/2-year high. But it was more than double the $436 million surplus of January 2007.

Fernandez said imports grew 52 percent in January from a year earlier.

High prices for Argentine soy, wheat and corn crops have spurred export growth, and imports have jumped as five years of vigorous economic expansion have spurred both business and consumer spending.

The full-year 2007 trade surplus narrowed to $11.15 billion, the lowest level since 2001.

Official government data on the trade balance is due to be released on Monday. (Reporting by Walter Bianchi; Writing by Fiona Ortiz, Editing by Chizu Nomiyama)