2023 Whole Year Argentina Trade Data Summary: Export Crash Deepens Deficit

Argentina 2023 Trade Data Key Takeaways

• Market Trend: Argentina trade data shows a 24.5% YoY export crash in December, deepening a $5.03B annual deficit.
• Key Driver: Argentina import export data reveals reliance on Brazil/China for machinery imports (HS 84/85) while exporting raw agri-goods (HS 10/27).
• Strategic Risk: Export taxes and currency controls cripple competitiveness, widening the industrial capacity gap.

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

Argentina 2023 Trade Data Overview

• Argentina's export-driven economy, anchored in its vast agricultural and resource sectors, faced a challenging year in 2023, with its global trade data reflecting significant volatility and a sharp year-end contraction.
• Full-year Argentina import export data shows exports totaled $66.88B against imports of $71.91B, resulting in a persistent trade deficit; a steep 24.5% YoY export drop in December signaled mounting economic pressures.
• The annual trade balance registered a deficit of -$5.03B, underscoring the structural imbalance between outgoing shipments and inward purchases of capital goods and consumer products.
• The year-end collapse in exports was likely driven by a combination of punitive export taxes and severe macroeconomic instability, including hyperinflation and currency controls, which crippled producer competitiveness and foreign investment.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2023 Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily focused on agriculture and raw materials, with cereals (HS 10) making up 11.4% and mineral fuels (HS 27) at 8%. Vehicles (HS 87) and food industry residues (HS 23) also play key roles. Imports are dominated by machinery (HS 84, 15.2%), vehicles (HS 87, 11.1%), and electrical equipment (HS 85, 11%), showing reliance on industrial goods. The trade structure highlights Argentina as a resource exporter with a need for manufactured imports.

Key takeaways:

• Agriculture and fuels drive exports.
• High dependence on machinery and vehicle imports.
• Limited export diversification beyond raw materials.

Argentina Export-Import Structural Gap

Argentina exports mostly raw materials but imports high-value machinery and vehicles, showing a gap in industrial capacity. The overlap in vehicles (HS 87) suggests some local assembly but still relies on imported parts. Mineral fuels (HS 27) appear in both lists, indicating possible refining needs. The lack of advanced exports like electronics or pharmaceuticals points to untapped industrial potential. This trade pattern reflects an economy strong in resources but needing more manufacturing depth.

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

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Argentina 2023 Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate concentration, with Brazil as the top destination (17.8% share, $11.9B), followed by the U.S. (8.4%) and Mainland China (7.8%). The top 10 export markets account for ~60% of total exports, indicating some diversification. Imports are more heavily reliant on Brazil (23.5%, $17.3B) and China (19.6%, $14.5B), with the U.S. (11.7%) as the third-largest supplier. The top 3 import sources dominate over half of total imports, highlighting supplier concentration. Key asymmetries:

• Brazil is both the largest export destination and import source, but imports from Brazil exceed exports by $5.4B.
• China is a net supplier to Argentina ($14.5B imports vs. $5.2B exports).
• The U.S. maintains a near-balanced trade role ($8.6B imports vs. $5.6B exports).

Argentina Export–Import Geographic Gap

Exports are more regionally focused (Brazil, Chile, Peru, Uruguay) while imports draw heavily from global industrial hubs (China, Germany, U.S.). Overlapping trade partners (Brazil, China, U.S., India, Vietnam) suggest some processing trade, but Argentina leans toward upstream dependency—importing high-value goods and exporting raw or semi-processed materials. The structure shows tighter import sourcing (top-heavy) versus relatively diversified exports, with Latin America absorbing most outbound shipments and Asia/Europe dominating inbound flows.

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 Whole Year?

Argentina's top exports in 2023 included "Description not available" (HS Code 99, 34.76% share), cereals (HS Code 10, 11.36%), and vehicles (HS Code 87, 8.69%). Mineral fuels (HS Code 27) and food industry residues (HS Code 23) were also significant, contributing 8.03% and 7.32% respectively.

What are the main products Argentina imports in 2023 Whole Year?

Argentina primarily imported nuclear reactors and machinery (HS Code 84, 15.16% share), vehicles (HS Code 87, 11.12%), and electrical machinery (HS Code 85, 11.02%). Mineral fuels (HS Code 27) and oil seeds (HS Code 12) followed, accounting for 10.53% and 7.77% of imports.

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

Brazil was Argentina's largest export destination (23.46% share), followed by Mainland China (19.64%) and the United States (11.71%). Paraguay (5.31%) and Germany (3.78%) rounded out the top five.

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

Brazil was the leading import source (17.75% share), with the United States (8.43%), Mainland China (7.75%), Chile (7.40%), and Peru (3.82%) completing the top five suppliers.

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

Argentina faced a trade deficit of -$5.03B in 2023, with exports ($66.88B) falling short of imports ($71.91B). A 24.5% YoY export drop in December highlighted worsening economic pressures, including export taxes and currency instability.