2023 Nov Argentina Trade Data Summary: Export Plunge & Deficit

Argentina 2023 Nov Trade Data Key Takeaways

• Market Trend: Argentina trade data shows a 30.9% export plunge and $560M deficit, driven by economic crisis and drought.
• Key Driver: Argentina import export data reveals heavy reliance on Brazil (17.5% exports) and China (23.1% imports) for critical goods.
• Strategic Risk: Industrial import dependence (machinery, electronics) exposes gaps in local manufacturing capacity.

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

Argentina 2023 Nov Trade Data Trend Overview

• Argentina, a major agricultural and commodity exporter, posted a sharp contraction in its November 2023 Argentina global trade data, reflecting persistent macroeconomic pressures.
• The latest Argentina import export data shows exports fell 30.9% year-on-year to $4.92 billion, while imports declined 4.9% to $5.48 billion, indicating severely depressed external demand and constrained domestic purchasing power.
• This resulted in a monthly trade deficit of approximately $560 million, underscoring the strain on the country's external accounts.
• The collapse was driven by a severe economic crisis, drought impacting key farm exports, and capital controls restricting import capacity, despite no new trade policies being announced during the period.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Nov Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are dominated by agricultural and resource-based products, with cereals, animal fats, and meat accounting for over 15% of total exports. Vehicles (8.56%) and mineral fuels (8.24%) also play significant roles. A notable 41.87% of exports fall under an unspecified HS code (99), suggesting potential unclassified or diversified shipments. Imports are heavily skewed toward industrial goods, with machinery (16.53%), electrical equipment (11.73%), and vehicles (10.60%) leading. The country relies on foreign machinery and chemicals, while also importing fuels and pharmaceuticals.

Key takeaways:

• Strong agricultural export base (cereals, meat, fats).
• High dependence on industrial imports (machinery, electronics).
• Unclassified exports (HS 99) require further investigation.

Argentina Export-Import Structural Gap

Argentina exports raw and semi-processed goods (agriculture, fuels) but imports high-value machinery and electronics, indicating a gap in industrial capacity. The overlap in vehicles (HS 87) suggests some domestic assembly or re-export activity. Heavy imports of fertilizers and pharmaceuticals highlight reliance on foreign inputs for agriculture and healthcare. The trade structure points to an economy strong in primary production but needing industrial upgrades to reduce import dependence. Opportunities exist in adding value to agricultural exports or expanding local manufacturing.

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

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Argentina 2023 Nov Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate concentration, with Brazil as the top destination (17.5% share), followed by Chile (9.2%) and the U.S. (8.7%). Imports are more heavily reliant on Mainland China (23.1%) and Brazil (18.9%), indicating supplier dependence. Regional trade dominates exports, with Latin America (Brazil, Chile, Peru, Uruguay) accounting for over 35% of top destinations. Imports also lean regional (Brazil, Paraguay) but include major global suppliers (China, U.S., Germany). Key asymmetries:

• Exports are more diversified than imports.
• Latin America is critical for both exports and imports.
• China is a larger import source than export destination.

Argentina Export–Import Geographic Gap

Exports flow to a broader mix of markets, while imports depend heavily on China and Brazil. Overlapping trade partners (Brazil, U.S., China) suggest some processing trade. The structure shows upstream dependency (concentrated imports) and downstream diversification (spread exports). Imports are more global, with key suppliers from Asia, Europe, and the Americas, while exports focus on regional demand. This gap highlights Argentina's reliance on foreign inputs to supply both domestic and neighboring markets.

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 Nov?

Argentina's top exports in November 2023 included "Description not available" (HS Code 99) valued at $2.06B (41.87% of exports), vehicles (HS Code 87) at $421.24M (8.56%), and mineral fuels (HS Code 27) at $405.48M (8.24%).

What are the main products Argentina imports in 2023 Nov?

Argentina's primary imports were nuclear reactors/machinery (HS Code 84) at $906.33M (16.53%), electrical machinery (HS Code 85) at $643.10M (11.73%), and vehicles (HS Code 87) at $581.10M (10.60%).

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

Mainland China was the largest export destination ($1.27B, 23.10%), followed by Brazil ($1.04B, 18.94%) and the United States ($644.37M, 11.75%).

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

Brazil was the top import origin ($861.89M, 17.51%), with Chile ($451.61M, 9.17%) and the United States ($427.51M, 8.68%) as other key suppliers.

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

Argentina faced a trade deficit of $560M in November 2023, with exports plunging 30.9% to $4.92B and imports declining 4.9% to $5.48B due to economic crisis and drought impacts.