2024 Jan Argentina Trade Data Summary: Surplus Soars

Argentina 2024 Jan Trade Data Key Takeaways

• Market Trend: Argentina trade data shows a $790M surplus as exports rise 9.6% while imports crash 14.1% under austerity.
• Key Driver: Argentina import export data reveals agricultural exports (HS 10, 19%) offset by machinery imports (HS 84, 19%).
• Strategic Risk: Heavy import reliance on China (21.94%) and Brazil (19.29%) exposes supply chain to geopolitical shocks.

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

Argentina 2024 Jan Trade Data Trend Overview

• Argentina, a major agricultural and commodity exporter, posted a trade surplus in January 2024, with its Argentina global trade data reflecting divergent import-export dynamics.
• The Argentina import export data for the month showed exports valued at $5.40B, rising 9.6% year-on-year, while imports contracted sharply to $4.61B, down 14.1% from January 2023.
• This generated a monthly trade surplus of $790 million, a significant improvement driven by the combination of resilient export earnings and severely constrained import demand.
• The import collapse aligns with the government's austerity drive and currency controls, which have restricted access to foreign exchange for purchases abroad, compressing domestic consumption and industrial input demand.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2024 Jan Top Trading Products

Argentina Global Trade Core Summary

Argentina's trade is heavily resource-driven, with exports dominated by agricultural and mineral products. Cereals (HS 10) make up 19% of exports, followed by mineral fuels (HS 27) at 9%, and animal feed (HS 23) at 5%. The top export category (HS 99, 36%) lacks a description but likely includes unclassified or mixed goods. Imports are more industrial, led by machinery (HS 84, 19%) and vehicles (HS 87, 11%), reflecting reliance on foreign manufacturing. The trade structure shows a clear split: Argentina exports raw materials while importing high-value machinery and chemicals.

Key takeaways:

• Exports rely on agriculture and minerals, posing risks from price volatility.
• Imports focus on machinery and vehicles, indicating industrial dependency.
• Overlap in vehicles (HS 87) suggests some domestic assembly or re-export activity.

Argentina Export-Import Structural Gap

Argentina’s exports and imports reveal a classic resource economy gap. It sells crops, fuels, and meat but buys machinery, electronics, and pharmaceuticals. The only major overlap is vehicles (HS 87), which could mean assembly or limited local production. The import-heavy focus on industrial goods highlights a need for more advanced manufacturing. Without shifting to higher-value exports, Argentina remains exposed to commodity price swings. This gap underscores the challenge of moving up the value chain.

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

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Argentina 2024 Jan Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate diversification, with Brazil as the top destination (15.95% share), followed by Mainland China (8.33%) and the U.S. (8.24%). Regional trade dominates, with Chile (7.66%) and Peru (4.80%) also in the top five. Imports are more concentrated, heavily reliant on Mainland China (21.94%) and Brazil (19.29%), with the U.S. (11.55%) as the third-largest supplier. Key asymmetries include:

• Exports spread across Latin America, Asia, and North America.
• Imports depend heavily on China and Brazil, with limited regional diversification.
• Overlapping trade partners (Brazil, China, U.S., India) suggest two-way trade flows.

Argentina Export–Import Geographic Gap

Exports reach a broader mix of markets, while imports lean heavily on a few suppliers, notably China and Brazil. The U.S. appears in both lists, indicating balanced trade, but Argentina’s import structure shows upstream dependency on key suppliers. Exports are more regionally focused (Latin America), while imports source globally but unevenly. This gap suggests downstream diversification in exports but concentrated risks in imports.

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 Jan?

Argentina's top exports in January 2024 included "Description not available" (HS Code 99, 35.97% share), cereals (HS Code 10, 19.32%), and mineral fuels/oils (HS Code 27, 8.77%), collectively accounting for over 60% of total export value.

What are the main products Argentina imports in 2024 Jan?

The country primarily imported nuclear reactors/machinery (HS Code 84, 18.98% share), vehicles (HS Code 87, 11.45%), and electrical machinery (HS Code 85, 9.62%), which together represented nearly 40% of January 2024 imports.

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

Mainland China (21.94% share), Brazil (19.29%), and the United States (11.55%) were the leading export destinations, absorbing over half of Argentina's total exports in January 2024.

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

Brazil (15.95% share), Mainland China (8.33%), and the United States (8.24%) were the primary import sources, collectively supplying nearly one-third of Argentina's January 2024 imports.

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

Argentina recorded a $790 million trade surplus in January 2024, with exports growing 9.6% YoY to $5.40B while imports plunged 14.1% to $4.61B due to government austerity measures and currency controls.