2023 Q4 Argentina Trade Data Summary: Near-Balance Amid Decline

Argentina 2023 Q4 Trade Data Key Takeaways

• Market Trend: Argentina trade data shows near-balance in Q4 2023, with exports and imports both declining sharply amid fiscal tightening.
• Key Driver: Argentina import export data reveals reliance on China and Brazil for machinery/tech imports, while exports hinge on raw materials (38% HS 99).
• Strategic Risk: Commodity-driven export mix and import dependence on few suppliers heighten vulnerability to price swings and supply chain shocks.

Analysis covers 2023 Q4 based on sanitized customs records from the yTrade database.

Argentina 2023 Q4 Trade Data Trend Overview

• Argentina, a major agricultural and energy exporter, closed Q4 2023 with mixed Argentina global trade data, reflecting both policy shifts and external demand pressures.
• Argentina import export data shows exports totaled $15.59B for the quarter, down sharply year-over-year, while imports fell to $15.58B, down 7.6% in December alone as economic tightening bit.
• The marginal trade surplus of approximately $10M for Q4 underscores a near-balance, a significant shift from previous deficits, driven by import compression outweighing weak export performance.
• The import slump, particularly severe in December (-22.4% MoM), aligns with the government's aggressive fiscal consolidation and currency controls, which restricted purchase of foreign goods to preserve reserves [Doing Business in Argentina].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Q4 Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily resource-driven, with a dominant 38% share from an unspecified HS code (99), likely representing agricultural or raw material bulk exports. Key sectors include mineral fuels (10%), vehicles (9%), and cereals (7%), showing a mix of energy, manufacturing, and agricultural output. Imports focus on machinery (16%), vehicles (12%), and electrical equipment (11%), indicating reliance on industrial inputs and technology. The trade structure highlights Argentina’s role as a resource supplier while depending on foreign machinery and manufactured goods.

• Key Takeaways:
  • Exports lean on raw materials and agriculture, with limited high-value manufacturing.
  • Imports reveal gaps in industrial capacity, especially machinery and tech.
  • Overlap in vehicles (HS 87) suggests some domestic assembly or re-export activity.

Argentina Export-Import Structural Gap

Argentina exports raw materials but imports finished industrial goods, a typical pattern for resource-rich economies. The lack of high-value export diversification leaves it vulnerable to commodity price swings. The vehicle sector (HS 87) is notable for appearing in both top exports and imports, hinting at assembly or partial manufacturing. Heavy machinery imports (HS 84, 85) underscore reliance on foreign technology for production. This gap signals opportunities to upgrade local manufacturing to reduce import dependence.

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

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Argentina 2023 Q4 Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate concentration, with Brazil (18.9%), the U.S. (10.3%), and Chile (8.3%) as top buyers, while imports rely heavily on Mainland China (22%) and Brazil (20.5%). Export markets are somewhat diversified across the Americas (Brazil, Chile, Peru, Uruguay) and Asia (China, India), with minor EU presence (Netherlands, Switzerland). Imports, however, lean heavily on China and Brazil, followed by the U.S. (10.6%) and regional neighbors like Paraguay (5.2%). Key asymmetries include:

• Brazil is both the top export destination and second-largest import source.
• China dominates imports but ranks only fourth for exports.
• The U.S. is a balanced partner, appearing in both top-three lists.

Argentina Export–Import Geographic Gap

Exports spread across the Americas and Asia, while imports depend heavily on China and Brazil. Overlaps like Brazil and the U.S. suggest two-way trade, but China’s import dominance without matching export demand highlights a supply-chain gap. The structure implies downstream diversification (exports) but upstream reliance on a few key suppliers (imports), particularly for manufactured goods from China. Regional trade is strong, with neighbors like Chile and Paraguay playing notable roles.

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 Q4?

Argentina's top exports in Q4 2023 included "Description not available" (HS Code 99, $5.94B, 38.09%), mineral fuels and oils (HS Code 27, $1.61B, 10.31%), and vehicles (HS Code 87, $1.38B, 8.88%), based on the trade data.

What are the main products Argentina imports in 2023 Q4?

Argentina primarily imported nuclear reactors and machinery (HS Code 84, $2.54B, 16.30%), vehicles (HS Code 87, $1.82B, 11.67%), and electrical machinery (HS Code 85, $1.74B, 11.14%) during Q4 2023.

Which countries are the top destinations for Argentina's exports in 2023 Q4?

Mainland China ($3.43B, 22.03%), Brazil ($3.19B, 20.49%), and the United States ($1.65B, 10.59%) were Argentina's largest export markets in Q4 2023.

Which countries supply most of Argentina's imports in 2023 Q4?

Brazil ($2.95B, 18.90%), the United States ($1.61B, 10.33%), and Chile ($1.30B, 8.32%) were the top origins of Argentina's imports in Q4 2023.

How balanced are Argentina's export and import markets in 2023 Q4?

Argentina achieved a marginal trade surplus of $10M in Q4 2023, with exports at $15.59B and imports at $15.58B, reflecting near-balance due to import restrictions outweighing weak export performance.

Detailed Monthly Report

Argentina Trade Data Snapshot 2023 OCT

Argentina Trade Data Snapshot 2023 NOV

Argentina Trade Data Snapshot 2023 DEC