2023 Oct Argentina Trade Data Summary: Export Crash

Argentina 2023 Oct Trade Data Key Takeaways

• Market Trend: Argentina trade data shows exports crashed 32% YoY in Oct 2023, flipping to a $440M deficit amid drought and capital controls.
• Key Driver: Argentina import export data reveals agricultural collapse (HS 12/10) drove the plunge, while machinery imports (HS 84) stayed resilient.
• Strategic Risk: Heavy import reliance on China/Brazil (45% combined) exposes supply chains to geopolitical or logistics shocks.

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

Argentina 2023 Oct Trade Data Trend Overview

• Argentina, a major agricultural exporter and emerging market, saw its October 2023 global trade data reflect significant external pressures and domestic economic constraints.
• The Argentina import export data for October 2023 shows exports plummeted 32.2% year-on-year to $5.40B, while imports saw a milder 4.0% contraction to $5.84B, indicating severely depressed external demand alongside tighter capital controls.
• This resulted in a monthly trade deficit of approximately $440 million, a sharp reversal from the surpluses typically generated by its key commodity sectors.
• The collapse in export value was primarily driven by a historic drought that devastated agricultural harvests, while import contraction was tempered by sustained needs for energy and capital goods [OECD Economic Outlook].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Oct Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily resource-driven, with the top categories being agricultural products (HS 12, 10, 23, 15) and fuels (HS 27), accounting for over 30% of total exports. Vehicles (HS 87) also play a significant role, making up nearly 10% of exports. The export structure shows high concentration in primary goods, indicating reliance on raw materials and food products. Imports, however, are dominated by machinery (HS 84), vehicles (HS 87), and electrical equipment (HS 85), reflecting a need for industrial and technological inputs.

Key takeaways:

• Exports rely on agriculture and fuels, exposing Argentina to commodity price volatility.
• Vehicle exports and imports suggest an integrated automotive sector.
• High machinery imports highlight dependence on foreign manufacturing technology.

Argentina Export-Import Structural Gap

Argentina exports raw materials and agricultural goods but imports high-value machinery and equipment, showing a gap in industrial capacity. The overlap in vehicles (HS 87) suggests some domestic production, but the trade deficit in this category indicates reliance on imported parts. Fuel exports (HS 27) are significant, yet Argentina still imports fuels, likely due to refining limitations. The import-heavy machinery and electronics sectors point to opportunities for local industrial development to reduce dependency.

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

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Argentina 2023 Oct Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate concentration, with Brazil (19.4%), the U.S. (12.0%), and Mainland China (10.6%) as top buyers, followed by regional partners like Chile (8.1%) and Peru (3.0%). Imports are more reliant on a few suppliers: Mainland China (23.7%) and Brazil (21.1%) dominate, with the U.S. (10.3%) as a distant third. Key asymmetries include:

• Exports are split between Americas (Brazil, U.S., Chile) and Asia (China, South Korea).
• Imports heavily depend on China and Brazil, with limited diversification.
• Regional trade is stronger in exports (Chile, Paraguay, Uruguay) than imports.
• No single export market exceeds 20%, but China and Brazil combined supply nearly 45% of imports.

Argentina Export–Import Geographic Gap

Exports reach diversified markets across the Americas and Asia, while imports rely heavily on China and Brazil, indicating supply-chain dependency. Overlapping trade partners (Brazil, U.S., China, Paraguay) suggest some processing trade. The structure shows upstream reliance on few suppliers but downstream sales to broader markets. Imports are more regionally lopsided, with Asia and Brazil dominating, while exports balance regional and global demand. This gap highlights vulnerability in import sourcing despite 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 Oct?

Argentina's top exports in October 2023 included "Description not available" (HS Code 99, 32.10% share), mineral fuels (HS Code 27, 11.66%), and vehicles (HS Code 87, 9.51%). Agricultural products like oil seeds (HS Code 12, 7.39%) and cereals (HS Code 10, 6.66%) also featured prominently.

What are the main products Argentina imports in 2023 Oct?

Argentina primarily imported machinery (HS Code 84, 16.48% share), vehicles (HS Code 87, 13.04%), and electrical equipment (HS Code 85, 12.20%). Mineral fuels (HS Code 27, 8.41%) and pharmaceuticals (HS Code 30, 4.69%) were also significant.

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

Mainland China (23.65% share), Brazil (21.10%), and the United States (10.29%) were Argentina's largest export markets in October 2023. Germany (4.26%) and Paraguay (3.75%) followed.

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

Brazil (19.44% share), the United States (12.03%), and Mainland China (10.60%) were Argentina's top import sources. Chile (8.14%) and unspecified origins (3.54%) also contributed significantly.

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

Argentina faced a trade deficit of $440 million in October 2023, with exports plunging 32.2% year-on-year to $5.40B and imports contracting 4.0% to $5.84B. The drought-driven agricultural collapse severely impacted export revenues.