2023 Sep Argentina Trade Data Summary: Export Plunge Widens Deficit

Argentina 2023 Sep Trade Data Key Takeaways

• Market Trend: Argentina trade data shows exports plummeted 23.5% YoY, widening trade deficit to $780M amid agricultural price drops.
• Key Driver: Argentina import export data reveals HS 99 (undisclosed) dominates 30% of exports, signaling high concentration risk in opaque commodities.
• Strategic Risk: Heavy import reliance on Brazil/China (44% combined) exposes supply chains to bilateral disruptions.

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

Argentina 2023 Sep Trade Data Trend Overview

• Argentina, a major agricultural commodity exporter, faced significant headwinds in its external sector, as reflected in the September 2023 Argentina global trade data.
• The nation's Argentina import export data showed exports contracting sharply to $5.75B (-23.5% YoY), while imports also declined to $6.53B (-8.6% YoY).
• This resulted in a monthly trade deficit of approximately $780 million, continuing a period of economic pressure on the current account.
• The severe export slump was primarily driven by lower global prices for key agricultural shipments like soybeans and wheat, compounded by domestic drought conditions and existing export duties that hampered competitiveness.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Sep Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily focused on agriculture and raw materials, with cereals (14%), vehicles (12%), and mineral fuels (7%) as top categories. A single HS code (99) dominates at 30% of exports, indicating high concentration risk. Imports are more diversified, led by machinery (16%), vehicles (16%), and electrical equipment (13%), showing reliance on industrial goods. The trade structure suggests Argentina is a resource-driven exporter but depends on imported machinery and technology for production.

Key takeaways:

• Agriculture and raw materials make up over 40% of exports.
• Top export category (HS 99) lacks description, raising transparency concerns.
• Vehicle trade is balanced but import-heavy in value.
• Mineral fuels appear in both export and import lists, hinting at refining or re-export activity.

Argentina Export-Import Structural Gap

Argentina exports mostly raw or semi-processed goods (cereals, meat, oils) while importing high-value machinery and electronics. The overlap in vehicles (HS 87) and mineral fuels (HS 27) suggests some processing trade, but the overall pattern shows a classic resource-for-technology exchange. The import of fertilizers (HS 31) alongside agricultural exports highlights input dependencies. This gap points to untapped potential in local manufacturing upgrades, especially in machinery and chemicals.

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

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Argentina 2023 Sep Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's export destinations show moderate concentration, with Brazil as the top market (20.5% share), followed by Mainland China (8.1%) and the US (7.5%). The top 10 export partners account for over 60% of total exports, indicating reliance on a limited set of markets. Imports are more concentrated, with Brazil (22.7%) and Mainland China (21.8%) dominating nearly half of inbound trade, alongside the US (10%). Key asymmetries include:

• Brazil is both the top export and import partner, suggesting strong bilateral trade ties.
• Exports are more diversified across Latin America (Chile, Peru, Uruguay) and Asia (Vietnam, South Korea).
• Imports lean heavily on Brazil and China, with limited regional diversification.

Argentina Export–Import Geographic Gap

Exports flow to a mix of regional (Latin America) and global (US, Asia, EU) markets, while imports depend heavily on Brazil and China. The overlap of Brazil, China, and the US in both lists hints at processing trade or re-export dynamics. The structure shows upstream dependency (imports concentrated in two suppliers) and downstream diversification (exports spread across multiple regions). This gap suggests vulnerability to supply chain disruptions from key import partners but balanced export market access.

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 Sep?

Argentina's top exports in September 2023 included nuclear reactors/boilers/machinery (30.31% share), cereals (14.07%), vehicles (12.45%), mineral fuels (7.48%), and food industry residues (6.61%), based on HS code data.

What are the main products Argentina imports in 2023 Sep?

Key imports were nuclear reactors/boilers/machinery (15.89% share), vehicles (15.81%), electrical machinery (12.65%), mineral fuels (7.74%), and oil seeds (5.28%), per HS code analysis.

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

Brazil (22.67% share), Mainland China (21.76%), and the United States (10.02%) were Argentina’s largest export markets in September 2023, according to trade data.

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

Brazil (20.45% share), Mainland China (8.09%), and the United States (7.48%) were the primary sources of Argentina’s imports during this period.

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

Argentina recorded a $780 million trade deficit in September 2023, with exports declining 23.5% YoY to $5.75B and imports falling 8.6% YoY to $6.53B, per trade analysis.