2023 Aug Argentina Trade Data Summary: Export Slump

Argentina 2023 Aug Trade Data Key Takeaways

• Market Trend: Argentina trade data shows a 21.6% export slump and $970M deficit, driven by drought-hit agriculture.
• Key Driver: Argentina import export data reveals heavy reliance on China (24.3%) and Brazil (20.2%) for machinery and electronics.
• Strategic Risk: Export concentration in raw materials (36.3% HS code 99) exposes economy to commodity price swings.

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

Argentina 2023 Aug Trade Data Trend Overview

• Argentina, a major agricultural and commodity exporter, saw its August 2023 Argentina global trade data reflect a period of significant economic contraction and adjustment.
• The Argentina import export data for the month showed exports valued at $5.91B, slumping 21.6% year-on-year, while imports fell 12.2% to $6.88B, indicating broad domestic demand weakness.
• This resulted in a monthly trade deficit of approximately $970 million, continuing a pattern of external sector pressure.
• The pronounced downturn was primarily driven by a severe drought that crippled key agricultural harvests and export volumes, severely impacting the country's primary source of foreign currency [International Trade Administration].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Aug Top Trading Products

Argentina Global Trade Core Summary

Argentina’s exports are heavily concentrated in agriculture and raw materials, with cereals (15.3%), mineral fuels (7.4%), and meat (4.7%) leading the way. A single HS code (99) dominates exports at 36.3%, though its description is unavailable, suggesting potential data classification issues. Imports are more diversified, led by machinery (17.1%), electrical equipment (12.3%), and vehicles (9.4%), indicating reliance on industrial and manufactured goods. The trade structure highlights Argentina’s role as a resource exporter and industrial importer. Key takeaways:

• Agriculture-driven exports (cereals, meat, animal feed) form a significant share.
• High import dependence on machinery and electronics for industrial needs.
• Unclear HS code 99 requires verification for accurate trade analysis.

Argentina Export-Import Structural Gap

Argentina’s exports focus on raw materials (cereals, fuels, meat), while imports are dominated by machinery, electronics, and vehicles. This gap shows an economy reliant on selling low-processed goods and buying high-value industrial products. Overlap in HS codes like mineral fuels (exported and imported) suggests some domestic processing but not enough to offset dependence on foreign machinery. The lack of high-value exports in sectors like manufacturing or tech points to limited industrial upgrading. To reduce import reliance, Argentina could invest in local machinery production or higher-value agro-processing.

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

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Argentina 2023 Aug Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate concentration, with Brazil as the top destination (16.9% share, $997.7M), followed by the U.S. (7.7%) and Chile (6.9%). Mainland China (6.6%) and Vietnam (4.3%) round out a diversified mix across Asia and the Americas. Imports are more heavily reliant on Mainland China (24.3% share, $1.67B) and Brazil (20.2%, $1.39B), with the U.S. (12%) as the third-largest supplier. Regional neighbors like Paraguay (5.3%) and Bolivia (1.8%) also feature in imports but not exports. Key asymmetries:

• Exports are spread across 10+ markets, while imports depend heavily on China and Brazil.
• Latin America dominates exports (Brazil, Chile, Uruguay, Peru), while imports source globally (China, Germany, Thailand).
• The U.S. is a top-3 partner for both exports and imports.

Argentina Export–Import Geographic Gap

Argentina’s trade structure shows balanced regional and global links but with tighter import dependence. Exports reach diverse markets, with 7 of the top 10 destinations outside Latin America, while imports rely on China and Brazil for nearly 45% of total volume. Overlap exists with Brazil and the U.S. as major two-way partners, suggesting integrated supply chains. The gap implies downstream diversification (exports) but upstream concentration (imports), particularly in manufactured goods from China and regional inputs from Brazil. This mix reflects Argentina’s role as a commodity exporter and industrial importer.

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 Aug?

Argentina's top exports in August 2023 included "Description not available" (HS Code 99, 36.28%), cereals (HS Code 10, 15.26%), and mineral fuels (HS Code 27, 7.40%), based on export value shares.

What are the main products Argentina imports in 2023 Aug?

The primary imports were nuclear reactors/machinery (HS Code 84, 17.09%), electrical machinery (HS Code 85, 12.31%), and vehicles (HS Code 87, 9.44%), reflecting industrial and technological demand.

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

Mainland China (24.33%), Brazil (20.16%), and the United States (12.00%) were the largest export destinations, accounting for over half of Argentina’s export value.

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

Brazil (16.88%), the United States (7.69%), and Chile (6.93%) were the leading import origins, highlighting regional and global trade partnerships.

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

Argentina faced a $970 million trade deficit, with exports ($5.91B) dropping 21.6% and imports ($6.88B) falling 12.2% year-on-year, driven by agricultural losses from drought.