2023 Q1 Argentina Trade Data Summary: Deficit Surge

Argentina 2023 Q1 Trade Data Key Takeaways

• Market Trend: Argentina trade data shows Q1 2023 deficit (-$1.12B) as imports surged 36% MoM while exports fell 18% YoY.
• Key Driver: Argentina import export data reveals agricultural exports (12.8% cereals) slumped, while machinery imports (14.8%) spiked.
• Strategic Risk: Overdependence on Brazil/China for 42% of imports exposes supply chains to bilateral tensions.

Analysis covers 2023 Q1 based on sanitized customs records from the yTrade database.

Argentina 2023 Q1 Trade Data Trend Overview

• Argentina's agricultural export engine sputtered in Q1 2023, with the country's global trade data reflecting a volatile quarter amid high inflation and policy shifts.
• The nation's import export data shows exports grew to $5.73B in March, though this marked a sharp 17.85% YoY contraction, while imports surged 36.13% MoM to $6.85B.
• This resulted in a Q1 trade deficit of approximately -$1.12B, reversing from a surplus the previous year as import growth heavily outpaced exports.
• The import spike was likely driven by purchases of capital goods and chemicals for industry, while the export decline points to headwinds for key commodities like soybeans and wheat.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Q1 Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are dominated by agricultural and resource-based products, with cereals (12.8%), mineral fuels (7.3%), and animal feed (6.6%) leading the way. A significant portion (36.9%) falls under an unspecified HS code (99), suggesting potential data gaps or mixed categories. Imports, however, are heavily skewed toward industrial goods, including machinery (14.8%), electrical equipment (10.8%), and vehicles (10.6%). The country relies on imported fuels (10.7%) despite also exporting them, indicating possible refining or logistical constraints.

Key takeaways:

• Agriculture and raw materials drive exports, exposing Argentina to commodity price swings.
• High machinery and vehicle imports reveal industrial dependency.
• Fuel trade suggests inefficiencies in domestic processing or distribution.

Argentina Export-Import Structural Gap

Argentina exports mostly raw or semi-processed goods while importing high-value machinery and manufactured products. This gap highlights a reliance on foreign technology and industrial inputs. The overlap in vehicle trade (exports at 7.4%, imports at 10.6%) points to assembly or partial manufacturing activity. The heavy import of oil seeds (6.6%) alongside their export (1.8%) suggests processing limitations. To reduce dependency, Argentina could invest in refining, machinery production, and value-added agriculture.

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

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Argentina 2023 Q1 Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate concentration, with Brazil as the top destination (17.2% share, $2.74B), followed by the U.S. (8.05%, $1.28B) and Mainland China (7.57%, $1.2B). Latin America dominates, with Chile (7.31%), Peru (5.09%), and Colombia (2.47%) combined accounting for nearly 15% of exports. Imports are more reliant on Brazil (23.32%, $4.02B) and Mainland China (18.32%, $3.16B), with the U.S. (11.22%) as the third-largest supplier. Paraguay (6.23%) and Germany (4.27%) round out the top five import sources. Key asymmetries:

• Exports are Latin America-heavy but include diverse markets like India and the Netherlands.
• Imports depend heavily on Brazil and China, with limited diversification beyond the top three.
• Overlap exists in Brazil, China, and the U.S., suggesting bilateral trade ties.

Argentina Export–Import Geographic Gap

Exports are regionally focused but spread across multiple Latin American partners, while imports show stronger dependence on Brazil and China. The U.S. appears in both lists, indicating balanced trade in some sectors. Export markets are more diversified (10 countries account for ~58% of total), whereas imports are top-heavy (top 3 suppliers make up ~53%). The structure suggests downstream diversification in exports but upstream reliance on a few key suppliers for imports. No clear processing-trade pattern emerges beyond the Brazil-China-U.S. overlap.

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 Q1?

Argentina's top exports in Q1 2023 included "Description not available" (HS Code 99, 36.85%), cereals (HS Code 10, 12.82%), and vehicles (HS Code 87, 7.42%). Mineral fuels (HS Code 27) and food industry residues (HS Code 23) also contributed significantly.

What are the main products Argentina imports in 2023 Q1?

Argentina primarily imported nuclear reactors/machinery (HS Code 84, 14.82%), electrical equipment (HS Code 85, 10.79%), and mineral fuels (HS Code 27, 10.65%). Vehicles (HS Code 87) and oil seeds (HS Code 12) were also key imports.

Which countries are the top destinations for Argentina's exports in 2023 Q1?

Brazil was Argentina's largest export destination (23.32%), followed by Mainland China (18.32%) and the United States (11.22%). Paraguay (6.23%) and Germany (4.27%) rounded out the top five.

Which countries supply most of Argentina's imports in 2023 Q1?

Brazil was Argentina's top import source (17.20%), with the United States (8.05%), Mainland China (7.57%), Chile (7.31%), and Peru (5.09%) as other major suppliers.

How balanced are Argentina's export and import markets in 2023 Q1?

Argentina faced a Q1 2023 trade deficit of -$1.12B, with imports surging 36.13% MoM while exports contracted 17.85% YoY. The deficit reversed a prior surplus, driven by capital goods imports and weaker commodity exports.

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