2023 May Argentina Trade Data Summary: Export Plunge

Argentina 2023 May Trade Data Key Takeaways

• Market Trend: Argentina trade data shows exports plunged 24.1% YoY, driven by drought-crippled agricultural shipments.
• Key Driver: Argentina import export data reveals cereals (HS 10) and Brazil trade dominate, exposing commodity price risks.
• Strategic Gap: Heavy machinery/fuel imports vs. raw exports highlight value-add potential amid supplier concentration.

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

Argentina 2023 May Trade Data Trend Overview

• Agricultural Exporter Under Stress: Argentina's May 2023 global trade data reflects an agro-exporting powerhouse grappling with severe macroeconomic headwinds and a historic drought that crippled its primary commodity shipments.
• Sharp Export Contraction: The Argentina import export data for the period shows exports slumped 24.1% year-on-year to $6.26B, while imports saw a more moderate 6.3% contraction to $7.39B, indicating a collapse in foreign currency earnings from its key farm sector.
• Deepening Trade Deficit: The nation registered a merchandise trade deficit of approximately $1.13B for the month, a stark reversal from its typical surplus position, underscoring the acute pressure on its balance of payments.
• Drought and Policy Drag: The dramatic export decline was primarily driven by a historic drought that devastated soybean and corn harvests, Argentina's top export earners, severely curtailing shipment volumes and value amid already constrained economic activity.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 May Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily focused on agricultural and food products, with residues and waste from food industries (HS 23) and cereals (HS 10) making up over 22% of total exports. Vehicles (HS 87) and mineral fuels (HS 27) also play significant roles, but the economy leans toward raw and semi-processed goods. Imports, however, are dominated by machinery (HS 84), mineral fuels (HS 27), and vehicles (HS 87), indicating reliance on industrial equipment and energy. The trade structure shows a clear split: Argentina exports food and raw materials while importing machinery and fuel.

Key takeaways:

• Agricultural and food products drive exports.
• Heavy dependence on machinery and fuel imports.
• Limited high-value manufacturing in exports.
• Potential vulnerability to commodity price swings.
• Opportunities to add value to raw exports.

Argentina Export-Import Structural Gap

Argentina's trade gap highlights an economy reliant on basic goods exports while needing industrial and energy imports. Exports like cereals, animal feed, and fats contrast sharply with imports of machinery, vehicles, and chemicals. The overlap in vehicles (HS 87) and mineral fuels (HS 27) suggests some domestic processing but not enough to reduce import dependence. The lack of high-tech exports points to untapped industrial upgrading potential. This imbalance underscores the need for diversification or deeper local value addition.

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

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Argentina 2023 May Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate diversification, with Brazil (15.9%), Mainland China (11.1%), and Chile (7.2%) as top destinations. Imports are more concentrated, heavily reliant on Brazil (26.5%) and Mainland China (16.8%), with the U.S. (13.1%) as a key supplier. Regional trade dominates exports, with Latin American partners (Brazil, Chile, Peru) accounting for over 27% of shipments. Imports also lean regional but include major global suppliers like China and the U.S. Key takeaways:

• Exports spread across Latin America, Asia, and the U.S.
• Imports depend heavily on Brazil and China.
• Trade with Brazil is the largest flow in both directions.
• No single export market exceeds 16%, reducing dependence risk.
• Asian demand (China, India, Vietnam) is significant for exports.

Argentina Export–Import Geographic Gap

Exports reach a broader mix of markets, while imports rely on fewer suppliers, notably Brazil and China. Both exports and imports include overlapping partners (Brazil, China, U.S., India), suggesting some two-way trade. The structure shows upstream dependency (imports concentrated) and downstream diversification (exports spread). Imports are more global, with European suppliers (Germany, Italy) playing a role, while exports focus on regional and Asian demand. This gap highlights Argentina’s need to manage supplier risks while capitalizing on diversified export opportunities.

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 May?

Argentina's top exports in May 2023 included "Description not available" (HS Code 99, 28.47% share), residues from food industries (HS Code 23, 13.54%), and vehicles (HS Code 87, 9.15%), based on the export HS codes and values.

What are the main products Argentina imports in 2023 May?

Argentina primarily imported nuclear reactors and machinery (HS Code 84, 15.48%), mineral fuels (HS Code 27, 13.63%), and vehicles (HS Code 87, 11.45%) in May 2023, according to import HS codes.

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

Brazil (26.52%), Mainland China (16.82%), and the United States (13.12%) were the leading export destinations for Argentina in May 2023, as per the export country data.

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

Argentina's main import sources in May 2023 were Brazil (15.86%), Mainland China (11.14%), and Chile (7.15%), based on the origin country data.

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

Argentina faced a $1.13B trade deficit in May 2023, with exports declining sharply (-24.1% YoY) due to drought impacts on agricultural shipments, while imports fell moderately (-6.3% YoY).