2023 Q3 Argentina Trade Data Summary: Export Slump

Argentina 2023 Q3 Trade Data Key Takeaways

• Market Trend: Argentina trade data shows a 22.5% export slump in Q3 2023, driven by drought-hit agriculture and weak demand.
• Key Driver: Argentina import export data reveals Brazil and China dominate trade flows, accounting for 44% of imports and 25% of exports.
• Strategic Risk: Heavy reliance on imported machinery and concentrated suppliers exposes Argentina to supply-chain shocks.

Analysis covers 2023 Q3 based on sanitized customs records from the yTrade database.

Argentina 2023 Q3 Trade Data Trend Overview

• As a major agricultural and commodity exporter, Argentina's Q3 2023 Argentina global trade data reveals an economy grappling with significant demand and price pressures, registering a marked contraction in its primary export sectors.
• The Argentina import export data for the period shows exports slumped 22.5% year-on-year to $5.75B in September, while imports also contracted by 13.3% to $6.53B, indicating broad-based economic cooling and reduced foreign exchange availability for purchases abroad.
• This resulted in a quarterly trade deficit of approximately -$780M, calculated from the cumulative flows, underscoring a period of net outflow for the economy.
• The pronounced downturn was largely driven by a severe drought that devastated key agricultural harvests, notably soy and corn, crippling export volumes and revenue [OECD], while concurrent austerity measures and currency controls suppressed domestic demand for imports.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Q3 Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily focused on agriculture and raw materials, with cereals (14.6%) and mineral fuels (7.4%) leading the way. A significant portion (33.2%) falls under an unspecified HS code, suggesting potential data gaps or diversified minor exports. Vehicles (9.4%) and food-related products like animal feed (6.8%) and meat (4.4%) also play key roles. Imports, however, are dominated by machinery (15.8%), electrical equipment (11.9%), and vehicles (11.3%), alongside mineral fuels (10.4%). This shows Argentina relies on imported industrial goods while exporting mostly primary products.

Key takeaways:

• Agriculture and raw materials drive exports.
• Industrial machinery and equipment dominate imports.
• High dependence on vehicle trade both ways.
• Unclear data for a large share of exports.
• Energy trade (fuels) is significant in both directions.

Argentina Export-Import Structural Gap

Argentina exports mostly raw and semi-processed goods like cereals, fuels, and meat, while importing high-value machinery, electronics, and vehicles. The overlap in vehicles (exports 9.4%, imports 11.3%) suggests assembly or re-export activity. Heavy machinery and electrical imports point to industrial needs, while agricultural exports highlight the country’s resource strength. The reliance on imported industrial goods signals a gap in local manufacturing capacity. This structure indicates an economy strong in primary production but dependent on foreign technology and equipment.

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

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Argentina 2023 Q3 Top Trading Countries

Argentina Global Trade Key Patterns

Argentina’s trade flows show a mix of regional concentration and diversification. Exports are led by Brazil (17.98%, $3.19B), with the US (7.75%, $1.37B) and Mainland China (7.29%, $1.29B) as other major destinations. The top 10 export markets account for over 60% of total exports, indicating moderate concentration. Imports are more heavily reliant on Brazil (22.12%, $4.46B) and Mainland China (21.88%, $4.41B), with the US (12.36%, $2.49B) as the third-largest supplier. Over 75% of imports come from the top 10 sources, highlighting stronger supplier dependence.

Key takeaways:

• Brazil is the top partner for both exports and imports.
• Mainland China and the US are critical in both trade flows.
• Exports are moderately diversified, while imports are more concentrated.
• Regional trade (Latin America) dominates export destinations.
• High import reliance on Brazil and China poses supply-chain risks.

Argentina Export–Import Geographic Gap

Argentina’s exports are regionally focused, with Latin America (Brazil, Chile, Uruguay, Peru) accounting for over 30% of top destinations. Imports, however, show a heavier reliance on Brazil and China, with the top 3 suppliers making up over 56% of total imports. The overlap in key partners (Brazil, China, US) suggests some processing trade or re-export activity. Export markets are more spread out, while imports are tightly clustered around a few suppliers. This structure indicates upstream dependency (imports) paired with downstream diversification (exports), a common pattern in emerging economies.

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 Q3?

Argentina's top exports in Q3 2023 included "Description not available" (HS Code 99, 33.23%), cereals (HS Code 10, 14.61%), and vehicles (HS Code 87, 9.42%). Mineral fuels (HS Code 27, 7.36%) and food industry residues (HS Code 23, 6.79%) were also significant.

What are the main products Argentina imports in 2023 Q3?

Argentina primarily imported nuclear reactors/machinery (HS Code 84, 15.77%), electrical machinery (HS Code 85, 11.88%), and vehicles (HS Code 87, 11.29%). Mineral fuels (HS Code 27, 10.37%) and oil seeds (HS Code 12, 7.19%) were other key imports.

Which countries are the top destinations for Argentina's exports in 2023 Q3?

Brazil (22.12%), Mainland China (21.88%), and the United States (12.36%) were Argentina's largest export markets in Q3 2023. Paraguay (4.52%) and Germany (3.53%) also featured prominently.

Which countries supply most of Argentina's imports in 2023 Q3?

Brazil (17.98%), the United States (7.75%), and Mainland China (7.29%) were Argentina's top import sources. Chile (7.08%) and Vietnam (4.24%) also supplied significant shares.

How balanced are Argentina's export and import markets in 2023 Q3?

Argentina faced a trade deficit of -$780M in Q3 2023, with exports down 22.5% and imports contracting 13.3% year-on-year due to agricultural drought and austerity measures.

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