2023 Apr Argentina Trade Data Summary: Exports Plummet 29%

Argentina 2023 Apr Trade Data Key Takeaways

• Market Trend: Argentina trade data shows exports plummeted 29% YoY in Apr 2023, flipping to a $190M deficit amid economic turmoil.
• Key Driver: Argentina import export data reveals agro-exports (HS 23,10,15) dominate but lack value-add, while machinery imports (HS 84,85) expose manufacturing gaps.
• Strategic Risk: Overdependence on Brazil/China for 42% of imports creates upstream vulnerability despite diversified export markets.

Analysis covers 2023 Apr based on sanitized customs records from the yTrade database.

Argentina 2023 Apr Trade Data Trend Overview

• Argentina, a major agricultural and commodity exporter, saw its April 2023 global trade data reflect severe economic contraction and policy shifts under fiscal pressure.
• The Argentina import export data for April 2023 shows exports at $5.90B, slumping 29.25% year-on-year, while imports contracted 11.51% to $6.09B, indicating depressed domestic demand and external sales.
• This resulted in a monthly trade deficit of approximately $190 million, a reversal from typical surpluses driven by the agro-industrial sector.
• The sharp export decline was primarily driven by high inflation, currency controls, and reduced competitiveness, with the government later pursuing IMF support and eventual trade liberalization measures to stabilize the economy.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Apr Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily focused on agriculture and raw materials, with food industry residues (23), cereals (10), and animal fats (15) making up nearly 30% of total exports. Vehicles (87) and mineral fuels (27) add industrial and energy elements, but the top export (HS 99, 32.84%) lacks description, suggesting potential data gaps. Imports are dominated by machinery (84), electrical equipment (85), and vehicles (87), indicating reliance on manufactured goods. Key gaps exist in oilseeds (12), where imports exceed exports, and mineral fuels (27), where imports slightly outweigh exports.

• Actionable Takeaways:
  • Strengthen value-added processing in agricultural exports.
  • Reduce machinery dependency by boosting local manufacturing.
  • Clarify HS 99 exports to improve trade transparency.

Argentina Export-Import Structural Gap

Argentina exports raw and semi-processed goods but imports high-value machinery and equipment, reflecting an economy reliant on basic production. Overlap in vehicles (87) and mineral fuels (27) shows some industrial capacity, but the import volume for these categories is higher. The heavy import of oilseeds (12) despite exporting them suggests inefficiencies in domestic processing. This trade gap highlights opportunities to upgrade agro-industrial sectors and reduce dependency on foreign machinery.

Table: Argentina Top Import & Export Product Categories (Source: yTrade)

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Argentina 2023 Apr Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate concentration, with Brazil as the top destination (18.4%, $1.09B), followed by the U.S. (9.7%, $571M) and Chile (7.2%, $424M). The top 10 export markets span the Americas (Brazil, Chile, Colombia, Uruguay), Asia (China, India, Vietnam, Malaysia), and Europe (Netherlands), indicating diversified demand. Imports are more concentrated, with Brazil (26.5%, $1.61B) and China (15.9%, $965M) dominating, alongside regional suppliers like Paraguay (8%, $489M). Key asymmetries:

• Brazil is both the largest export and import partner, suggesting deep bilateral ties.
• Exports are more evenly distributed than imports, which rely heavily on Brazil and China.
• Asia and Europe feature in exports but are minor import sources except for China.

Argentina Export–Import Geographic Gap

Exports reach a broader mix of regions, while imports depend heavily on Brazil and China, revealing upstream supply-chain reliance. Overlapping trade partners (Brazil, China, U.S., India, Vietnam) hint at processing trade or re-export activity. The structure shows downstream diversification (exports to 10+ countries) but upstream vulnerability (top 2 importers supply 42% of goods). Imports are more regional (Brazil, Paraguay) versus exports’ global spread. This gap suggests Argentina sources critical inputs narrowly but sells widely.

Table: Argentina Top Destiantion & Origin Countries (Source: yTrade)

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Frequently Asked Questions

What are the major products exported by Argentina in 2023 Apr?

Argentina's top exports in April 2023 included "Nuclear reactors, boilers, machinery" (32.84% share, $1.94B), "Residues and waste from food industries" (10.27%, $605.50M), and "Vehicles other than railway/tramway" (10.15%, $598.96M). Cereals and mineral fuels also featured prominently.

What are the main products Argentina imports in 2023 Apr?

Key imports were "Nuclear reactors, boilers, machinery" (13.62% share, $829.82M), "Oil seeds and oleaginous fruits" (11.79%, $717.99M), and "Electrical machinery" (11.07%, $674.37M). Vehicles and mineral fuels were also significant.

Which countries are the top destinations for Argentina's exports in 2023 Apr?

Brazil was the largest export destination (26.48% share, $1.61B), followed by Mainland China (15.85%, $965.43M) and the United States (9.38%, $571.36M). Paraguay and Germany rounded out the top five.

Which countries supply most of Argentina's imports in 2023 Apr?

Brazil dominated imports (18.43% share, $1.09B), with the United States (9.68%, $571.23M) and Chile (7.19%, $423.93M) as other major suppliers. Mainland China and India also featured prominently.

How balanced are Argentina's export and import markets in 2023 Apr?

Argentina recorded a $190M trade deficit in April 2023, with exports ($5.90B) down 29.25% YoY and imports ($6.09B) contracting 11.51%. This reversed typical surpluses due to economic pressures.