2023 Jul Argentina Trade Data Summary: Export Slump & Deficit

Argentina 2023 Jul Trade Data Key Takeaways

• Market Trend: Argentina trade data shows a 22.4% annual export drop in Jul 2023, with a $700M deficit.
• Key Driver: Argentina import export data reveals reliance on Brazil (23.6% imports) and China (19.5%) for machinery and fuel.
• Strategic Risk: Commodity-driven exports face volatility, while concentrated imports heighten supply-chain risks.

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

Argentina 2023 Jul Trade Data Trend Overview

• Argentina, a major agricultural and commodity exporter, saw its global trade flows contract sharply in July 2023, with the latest Argentina global trade data reflecting a 22.4% annual drop in export value.
• The Argentina import export data for the period shows exports at $6.06 billion against imports of $6.76 billion, with both flows down significantly year-on-year, at -22.4% and -18.4% respectively.
• This resulted in a monthly trade deficit of approximately $700 million, underscoring the pressure on the country's external accounts during this period.
• The broad-based contraction in trade values was primarily driven by lower global commodity prices and domestic economic constraints, including currency controls and reduced industrial demand for imported inputs.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Jul Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily focused on agriculture and raw materials, with cereals (14.5%), animal feed (7%), and meat (4.8%) making up a significant share. Vehicles (8.7%) and mineral fuels (7.2%) also contribute, but the top export (HS 99, 33%) lacks description, suggesting potential data gaps. Imports are dominated by machinery (14.3%), electrical equipment (10.7%), and mineral fuels (14.4%), indicating reliance on industrial inputs and energy. The trade structure shows a resource-driven export economy with high dependence on imported machinery and fuel.

Key takeaways:

• Agriculture and raw materials dominate exports.
• Heavy reliance on imported machinery and energy.
• Undocumented HS 99 exports may skew analysis.

Argentina Export-Import Structural Gap

Argentina exports mostly raw and semi-processed goods (cereals, meat, animal feed) while importing high-value machinery, electronics, and fuel. The overlap in vehicles (HS 87) suggests some domestic assembly or re-export activity. The gap highlights an economy dependent on commodity exports but needing industrial imports for production. This creates vulnerability to global price swings in both agriculture and energy. Upgrading to higher-value food processing or manufacturing could reduce import dependence.

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

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Argentina 2023 Jul Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate diversification, with Brazil as the top destination (16.7% share, $1.01B), followed by the U.S. (8.05%), Chile (7.41%), and China (7.23%). No single market dominates excessively, though Latin America (Brazil, Chile, Peru, Uruguay) accounts for nearly 30% of exports. Imports are more concentrated, with Brazil (23.59%, $1.59B) and China (19.5%, $1.32B) supplying over 40% of goods, indicating supplier reliance. The U.S. is a key partner in both flows (exports: 8.05%, imports: 14.98%). Key asymmetries:

• Exports are regionally skewed toward Latin America but lack extreme dependence.
• Imports hinge heavily on Brazil and China, raising supply-chain risks.
• The U.S. and Vietnam appear in both top 10 lists, suggesting two-way trade niches.

Argentina Export–Import Geographic Gap

Exports spread across multiple mid-sized markets, while imports cluster around two major suppliers (Brazil, China). Overlapping trade partners (U.S., Vietnam, China) hint at processing trade or component exchanges. The structure shows downstream diversification (exports) but upstream vulnerability (imports), particularly in Asian and regional supply chains. Imports lean regional (Brazil, Paraguay, Bolivia) and global (China, U.S.), whereas exports prioritize neighboring economies. This gap suggests Argentina balances regional demand with concentrated sourcing needs.

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 Jul?

Argentina's top exports in July 2023 included mineral fuels/oils (33.04% share, $2B), cereals (14.48%, $877.46M), and vehicles (8.70%, $526.97M), based on HS code data.

What are the main products Argentina imports in 2023 Jul?

Key imports were mineral fuels/oils (14.35%, $970.18M), machinery (14.31%, $967.16M), and electrical equipment (10.71%, $723.81M), per HS code analysis.

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

Brazil (23.59%, $1.59B), Mainland China (19.50%, $1.32B), and the United States (14.98%, $1.01B) were Argentina's largest export markets in July 2023.

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

Brazil (16.70%, $1.01B), the United States (8.05%, $487.96M), and Chile (7.41%, $449.10M) were the top import origins for Argentina.

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

Argentina recorded a $700M trade deficit in July 2023, with exports ($6.06B) down 22.4% and imports ($6.76B) down 18.4% year-on-year, reflecting broader trade contractions.