2024 Feb Argentina Trade Data Summary: Surplus Soars

Argentina 2024 Feb Trade Data Key Takeaways

• Market Trend: Argentina trade data shows exports up 5.6% while imports plummet 18%, yielding a $1.41B surplus.
• Key Driver: Argentina import export data reveals cereals (HS 10) and machinery (HS 84) dominate, underscoring resource-export vs. industrial-import gap.
• Strategic Risk: Heavy import reliance on Brazil (25%) and China (17.7%) exposes supply-chain fragility.

Analysis covers 2024 Feb based on sanitized customs records from the yTrade database.

Argentina 2024 Feb Trade Data Trend Overview

• Argentina, a major agricultural and commodity exporter, posted mixed Argentina global trade data in February 2024, reflecting its ongoing economic rebalancing.
• The Argentina import export data shows exports of $5.53B grew 5.6% year-on-year, while imports of $4.12B contracted sharply by 18.0%, signaling subdued domestic demand.
• This divergence produced a significant trade surplus of $1.41B for the month.
• The import collapse aligns with the government's austerity drive and restrictive FX measures to curb outflows, a core element of its stabilization program amid hyperinflation.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2024 Feb Top Trading Products

Argentina Global Trade Core Summary

Argentina's exports are heavily concentrated in agriculture and raw materials, with cereals (HS 10) and animal feed (HS 23) making up nearly 23% of total exports. Mineral fuels (HS 27) and fats/oils (HS 15) add another 14%, showing a strong reliance on primary goods. The top export (HS 99, 36.12%) lacks description but likely includes unclassified or mixed shipments. Imports, however, are dominated by machinery (HS 84, 17.67%) and vehicles (HS 87, 14.2%), reflecting a need for industrial equipment and consumer goods.

Key takeaways:

• Exports are resource-driven, with cereals and animal products as major earners.
• Imports focus on machinery and vehicles, indicating industrial dependency.
• Minimal overlap in HS codes (only HS 87 and HS 27 appear in both lists) suggests limited processing trade.

Argentina Export-Import Structural Gap

Argentina exports raw materials but imports finished goods, highlighting a classic resource-based economy. The lack of high-value manufacturing in exports (only 4.87% for vehicles) contrasts sharply with machinery-heavy imports (over 31% combined for HS 84 and 85). This gap signals reliance on foreign technology and industrial inputs. The small share of fuel imports (4.06%) versus exports (8.08%) hints at some energy self-sufficiency. To reduce dependency, Argentina could prioritize local machinery production or value-added food processing.

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

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Argentina 2024 Feb Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate diversification, with Brazil as the top destination (18.6% share, $1.03B), followed by Chile (8.0%), the U.S. (7.5%), and Mainland China (7.0%). Imports are more concentrated, with Brazil alone accounting for 25.0% ($1.03B) and China at 17.7%. Key asymmetries:

• Exports spread across Latin America (Brazil, Chile, Peru), Asia (China, India, Vietnam), and the U.S.
• Imports heavily rely on Brazil and China (combined 42.7%), with limited regional diversification.
• Overlapping trade partners (Brazil, China, U.S., India) suggest some two-way trade flows.

Argentina Export–Import Geographic Gap

Exports reach broader markets, while imports depend heavily on Brazil and China. The U.S. appears in both lists, indicating balanced trade, but Brazil’s dominance in imports highlights supply-chain reliance. Export destinations are more global (Latin America, Asia, North America), whereas imports are regionally skewed (Latin America and China). This structure suggests downstream diversification but upstream dependency on a few key suppliers.

Table: Argentina Top Destiantion & Origin Countries (Source: yTrade)

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Frequently Asked Questions

What are the major products exported by Argentina in 2024 Feb?

Argentina's top exports in February 2024 included "Description not available" (HS Code 99) at $2.00B (36.12%), cereals (HS Code 10) at $819.92M (14.83%), and residues/waste from food industries (HS Code 23) at $452.20M (8.18%).

What are the main products Argentina imports in 2024 Feb?

Key imports were nuclear reactors/machinery (HS Code 84) at $728.23M (17.67%), vehicles (HS Code 87) at $585.32M (14.20%), and electrical machinery (HS Code 85) at $393.40M (9.55%).

Which countries are the top destinations for Argentina's exports in 2024 Feb?

Brazil was the largest export destination ($1.03B, 25.03%), followed by Mainland China ($729.60M, 17.70%) and the United States ($395.42M, 9.59%).

Which countries supply most of Argentina's imports in 2024 Feb?

Brazil was the top import origin ($1.03B, 18.61%), with Chile ($441.64M, 7.99%) and the United States ($413.82M, 7.48%) as other major suppliers.

How balanced are Argentina's export and import markets in 2024 Feb?

Argentina recorded a $1.41B trade surplus, with exports growing 5.6% to $5.53B while imports fell 18.0% to $4.12B, reflecting austerity measures and weak domestic demand.