2023 Mar Argentina Trade Data Summary: Deficit Widens

Argentina 2023 Mar Trade Data Key Takeaways

• Market Trend: Argentina trade data shows exports plunged 22% YoY in Mar 2023, widening trade deficit to $1.12B amid drought and inflation.
• Key Driver: Argentina import export data reveals agricultural exports (cereals, meat) dominate but face headwinds, while machinery imports signal industrial dependency.
• Strategic Risk: Heavy reliance on Brazil (25% imports) and China creates supply chain vulnerability despite diversified export markets.

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

Argentina 2023 Mar Trade Data Trend Overview

• Argentina, a major agricultural and commodity exporter, saw its March 2023 Argentina global trade data reflect a sharp contraction in export activity amid broader economic pressures and policy uncertainty.
• The Argentina import export data for the month shows exports fell 22.0% year-on-year to $5.73B, while imports declined more modestly by 3.4% to $6.85B, indicating weak external demand and constrained domestic purchasing power.
• This resulted in a monthly trade deficit of approximately $1.12B, underscoring the strain on the country’s current account during a period of macroeconomic instability.
• The pronounced export slump was likely driven by drought impacts on key farm shipments, high inflation, and tight capital controls—challenges highlighted in later IMF reviews and market analyses [OECD].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Mar Top Trading Products

Argentina Global Trade Core Summary

Argentina's trade is heavily driven by agriculture and raw materials, with cereals (14.3%), animal feed (8%), and meat (4.4%) as top exports. Vehicles (9.6%) and fuels (7.9%) also play key roles, but a large share (33.5%) falls under an unspecified HS code, suggesting potential data gaps. On imports, machinery (14.3%), oilseeds (12.5%), and vehicles (10.9%) dominate, indicating reliance on industrial inputs and equipment. The trade structure shows a mix of resource exports and industrial imports, with some overlap in vehicles and fuels.

Key takeaways:

• Agriculture and raw materials dominate exports.
• High dependence on machinery and industrial imports.
• Unclear data for a third of exports needs verification.
• Vehicle trade is both an export and import focus.
• Fuel trade appears balanced but requires deeper analysis.

Argentina Export-Import Structural Gap

Argentina exports mostly raw and semi-processed goods like cereals and meat while importing machinery, electronics, and industrial inputs. The overlap in vehicles (exported and imported) suggests assembly or partial manufacturing activity. Oilseeds appear as both a major import and minor export, hinting at processing trade. The gap highlights Argentina’s role as a resource supplier needing industrial goods, with limited high-value export diversification. Industrial upgrading could reduce import reliance on machinery and chemicals.

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

Check Detailed Argentina Trade HS Code Breakdown

Argentina 2023 Mar Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate concentration, with Brazil as the top destination (19.8% share), followed by Chile (7.8%) and Mainland China (7.0%). The top 10 export markets span Latin America (Brazil, Chile, Peru, Uruguay), Asia (China, India, Malaysia), and the US/Europe (US, Spain, Algeria). Imports are more heavily reliant on Brazil (24.8%) and China (16.0%), with Paraguay (11.3%) and the US (10.4%) as other key suppliers. The import list includes more Asian (Thailand, Vietnam) and European (Germany, Italy, Spain) sources. Key takeaways:

• Exports are regionally focused (Latin America) but include global diversification
• Imports show stronger dependence on Brazil and China
• Limited overlap: Only Brazil, China, US, and Spain appear in both top 10 lists

Argentina Export–Import Geographic Gap

Exports flow to a mix of regional and global markets, while imports depend heavily on a few key suppliers—especially neighboring Brazil. The structure suggests upstream dependency (concentrated import sources) paired with downstream diversification (broader export reach). Notably, Argentina trades heavily with Brazil in both directions, indicating integrated supply chains. The US and China also play dual roles, though less prominently. The gap highlights Argentina's need to manage import concentration risks while leveraging export market diversity.

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 Mar?

The top exports in March 2023 were led by HS Code 99 (33.46% share, $1.92B), followed by cereals (14.32%, $821.22M) and vehicles (9.55%, $547.83M), based on the export HS code data.

What are the main products Argentina imports in 2023 Mar?

Key imports included nuclear reactors/machinery (14.25%, $975.69M), oil seeds (12.47%, $853.87M), and vehicles (10.86%, $743.54M), as per the import HS code breakdown.

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

Brazil was the largest export destination (24.78%, $1.70B), followed by Mainland China (15.97%, $1.09B) and Paraguay (11.33%, $775.44M), according to the country trade data.

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

Brazil was the primary import source (19.76%, $1.13B), with Chile (7.84%, $449.59M) and Mainland China (6.98%, $400.14M) as other major suppliers, per the origin country table.

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

Argentina recorded a $1.12B trade deficit, with exports declining 22.0% YoY to $5.73B and imports down 3.4% to $6.85B, reflecting weak external demand and economic pressures.