2023 Q2 Argentina Trade Data Summary: Deficit Surge

Argentina 2023 Q2 Trade Data Key Takeaways

• Market Trend: Argentina trade data shows Q2 2023 deficit (-$3.16B) as exports plunge (-29.8% YoY) amid import volatility.
• Key Driver: Argentina import export data reveals Brazil’s dual role—top export market (17% share) and import supplier (27% share).
• Strategic Risk: Commodity-driven exports (50% from top 3 HS codes) expose economy to price swings and industrial input gaps.

Analysis covers 2023 Q2 based on sanitized customs records from the yTrade database.

Argentina 2023 Q2 Trade Data Trend Overview

• Argentina, a major agricultural and resource exporter, saw its global trade data for Q2 2023 reflect the volatility typical of an economy heavily reliant on commodity cycles and domestic demand pressures.
• The Argentina import export data shows exports valued at $17.57B for the quarter, a sharp YoY contraction in June (-29.8%), while imports hit $20.73B, also down YoY (-11.6% in June) but with a significant sequential jump in May (+21.3%).
• This resulted in a quarterly trade deficit of approximately -$3.16B, extending a pattern of negative balance driven by high energy import costs and capital goods demand amid constrained export revenues.
• The import surge, particularly in machinery and chemicals, aligns with efforts to stabilize industrial output and energy sectors, though export underperformance highlights ongoing competitiveness challenges and external demand softness for key shipments like soy and beef.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Q2 Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily focused on agriculture and raw materials, with cereals, animal feed, and vegetable oils making up nearly 30% of total exports. Vehicles and mineral fuels add some industrial diversity, but the top three export categories (HS 99, 23, 10) alone account for over 50% of export value, showing high concentration. Imports, however, are dominated by machinery (HS 84), mineral fuels (HS 27), and vehicles (HS 87), reflecting reliance on industrial inputs and energy. Key takeaways:

• Agriculture-driven exports (cereals, animal feed, fats/oils) dominate trade.
• High import dependence on machinery and fuel signals industrial needs.
• Limited export diversification raises vulnerability to commodity price swings.

Argentina Export-Import Structural Gap

Argentina exports raw and semi-processed goods (cereals, animal feed, fats) while importing machinery, fuel, and vehicles—a classic resource-based trade pattern. The overlap in vehicle trade (HS 87) suggests some local assembly or re-export activity. The heavy import of industrial inputs (HS 84, 85) versus minimal high-value exports highlights an opportunity to move up the value chain. Energy imports (HS 27) also point to domestic supply gaps despite some fuel exports. This structure shows Argentina as a commodity exporter with unmet industrial and energy needs.

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

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Argentina 2023 Q2 Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate concentration, with Brazil as the top destination (17% share, $2.99B), followed by Mainland China (8.34%, $1.47B) and the U.S. (7.76%, $1.36B). The top 10 markets account for ~60% of exports, indicating some diversification. Imports are more reliant on Brazil (27.12%, $5.62B) and Mainland China (16.76%, $3.47B), with the U.S. (12.32%, $2.55B) as a key supplier. Regional trade dominates, with Latin America (Brazil, Chile, Peru, Uruguay) and Asia (China, India, Vietnam) as major partners.

• Exports: Diversified but Brazil-dependent; strong Latin American and Asian demand.
• Imports: Heavy reliance on Brazil and China; regional and global sourcing mix.
• Asymmetry: Imports more concentrated than exports; Brazil is both top buyer and supplier.

Argentina Export–Import Geographic Gap

Exports flow to a broader set of markets, while imports depend heavily on Brazil and China. Overlapping trade partners (Brazil, China, U.S., India, Vietnam) suggest processing trade or bilateral exchange. The structure shows upstream dependency (few import sources) and downstream diversification (many export destinations). Imports are more regionally focused (Latin America + China), while exports reach both regional and global markets. This gap highlights Argentina's role as a regional trade hub with global export ties.

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 Q2?

Argentina's top exports in Q2 2023 included "Description not available" (HS Code 99, 31.45% share), food industry residues (HS Code 23, 10.77%), and cereals (HS Code 10, 10.58%), based on the highest export values.

What are the main products Argentina imports in 2023 Q2?

The country primarily imported nuclear reactors/machinery (HS Code 84, 13.99%), mineral fuels (HS Code 27, 12.92%), and oil seeds (HS Code 12, 11.27%), accounting for the largest import shares.

Which countries are the top destinations for Argentina's exports in 2023 Q2?

Brazil (27.12% share), Mainland China (16.76%), and the United States (12.32%) were the leading export destinations by value in Q2 2023.

Which countries supply most of Argentina's imports in 2023 Q2?

Brazil (17.00% share), Mainland China (8.34%), and the United States (7.76%) were the top import origins during this period.

How balanced are Argentina's export and import markets in 2023 Q2?

Argentina recorded a $3.16B trade deficit in Q2 2023, driven by high energy imports and weaker export revenues, with exports ($17.57B) underperforming imports ($20.73B).

Detailed Monthly Report

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