2023 Jan Argentina Trade Data Summary: Export Slump

Argentina 2023 Jan Trade Data Key Takeaways

• Market Trend: Argentina trade data shows exports slumped 11.2% YoY in Jan 2023, flipping to a $440M deficit amid import growth.
• Key Driver: Argentina import export data reveals HS code 99 dominates exports (40.6%), while machinery/vehicles lead imports (40%).
• Strategic Risk: Heavy reliance on Brazil/China for imports (43.2% combined) exposes supply chain fragility.

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

Argentina 2023 Jan Trade Data Trend Overview

• Argentina, a major agricultural and resource exporter, posted a significant year-on-year contraction in its January 2023 Argentina global trade data, reflecting persistent macroeconomic headwinds and policy uncertainty.
• The January Argentina import export data showed exports valued at $4.93B, slumping 11.22% year-on-year, while imports of $5.37B grew 2.22%, indicating weak external demand and resilient domestic consumption for foreign goods.
• This resulted in a monthly trade deficit of approximately $440 million, a sharp reversal from the surpluses typically generated by the nation's commodity-driven trade model.
• The import growth amid an export collapse was likely driven by the complex web of import restrictions and licensing systems, such as the SIRA regime, which created significant distortions and bottlenecks for traders [Argentina - Import Requirements and Documentation].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Jan Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily concentrated in agriculture and raw materials, with cereals, animal feed, and fats/oils making up over 25% of total exports. A single HS code (99) dominates at 40.57%, though its description is unavailable. Mineral fuels and meat also contribute significantly. In contrast, imports are led by machinery, electrical equipment, and vehicles, accounting for nearly 40% of total imports. This shows a clear divide: Argentina exports low-value-added goods while relying on imported high-value machinery and technology.

Key takeaways:

• Agriculture and raw materials drive exports.
• Heavy reliance on machinery and industrial imports.
• Export concentration risks (HS code 99 is unclear but dominant).
• Limited export diversification beyond primary goods.

Argentina Export-Import Structural Gap

Argentina's trade pattern reflects a resource-based economy with limited industrial depth. It exports mostly raw or semi-processed goods (cereals, meat, fuels) but imports finished industrial products like machinery, electronics, and vehicles. The overlap in mineral fuels (HS 27) suggests some processing trade, but the gap is stark—Argentina lacks the capacity to produce advanced manufactured goods domestically. This reliance on imports for industrial needs highlights an opportunity for local value addition, especially in machinery and vehicle production. The trade structure shows Argentina remains a commodity exporter with unmet industrial potential.

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

Check Detailed Argentina Trade HS Code Breakdown

Argentina 2023 Jan Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate diversification, with the top 10 destinations accounting for 60.5% of total exports. Brazil is the largest market (14.6%), followed by the U.S. (10.5%) and Mainland China (8.3%), indicating a mix of regional (Latin America) and global demand. Imports are more concentrated, with Brazil (21.9%) and China (21.3%) dominating nearly half of inbound trade, suggesting supplier reliance. The U.S. is a key partner for both exports (10.5%) and imports (11.9%), while regional neighbors like Chile and Peru feature prominently in exports but not imports.

Key Takeaways:

• Exports spread across Americas, Asia, and Europe; imports lean heavily on Brazil and China.
• The U.S. is a balanced trade partner in both flows.
• Regional Latin American markets are critical for exports but minor for imports.

Argentina Export–Import Geographic Gap

Exports reach diverse markets, while imports depend heavily on two suppliers (Brazil and China). Overlap exists with the U.S., China, and India, hinting at bidirectional trade in certain goods. Export markets are more globally distributed, whereas imports reflect upstream dependency on a narrow base. The structure suggests Argentina diversifies sales but faces concentrated supply risks, particularly in manufacturing inputs. This gap underscores a need to broaden import sources to match export flexibility.

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 Jan?

The top exports in January 2023 included HS Code 99 (40.57% share, $2.00B), cereals (11.79%, $580.64M), and residues/waste from food industries (6.94%, $341.75M).

What are the main products Argentina imports in 2023 Jan?

Key imports were nuclear reactors/machinery (15.87%, $852.13M), mineral fuels (12.47%, $669.47M), and electrical machinery (12.01%, $644.57M).

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

Brazil (21.86%, $1.17B), Mainland China (21.32%, $1.14B), and the United States (11.86%, $636.78M) were the largest export destinations.

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

Brazil (14.57%, $717.44M), the United States (10.53%, $518.78M), and Mainland China (8.25%, $406.20M) were the top import origins.

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

Argentina recorded a $440M trade deficit in January 2023, with exports declining 11.22% YoY ($4.93B) and imports growing 2.22% ($5.37B), reflecting weak external demand and import restrictions.