2024 Mar Argentina Trade Data Summary: Exports Surge, Imports Plunge

Argentina 2024 Mar Trade Data Key Takeaways

• Market Trend: Argentina trade data shows exports surged 13% while imports plunged 37%, driven by austerity measures.
• Key Driver: Argentina import export data reveals cereals (HS 10) dominate exports (16.8%), while machinery (HS 84) leads imports (14.7%).
• Strategic Risk: Heavy reliance on Brazil/China for imports contrasts with diversified exports, exposing supply chain fragility.

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

Argentina 2024 Mar Trade Data Trend Overview

• Argentina's agro-industrial export engine, a critical supplier of soy, corn, and beef to global markets, posted a solid performance in its March 2024 Argentina global trade data, reinforcing its role as a key emerging market producer.
• The March 2024 Argentina import export data shows exports grew 13.0% year-on-year to $6.48B, while imports contracted sharply by 36.7% to $4.34B, reflecting stringent capital controls and austerity measures to curb outflows and rebuild reserves.
• This divergent performance generated a substantial trade surplus of $2.14B for the month, providing crucial support for the Central Bank's foreign exchange accumulation targets amid an ongoing economic stabilization program.
• The severe import compression was a direct result of the government's policy to eliminate the fiscal deficit and stabilize the currency, prioritizing a positive trade balance over domestic consumption, as part of its broader agreement with the IMF [International Trade Administration].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2024 Mar 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 16.8% and mineral fuels (HS 27) 8.9%. Combined, these sectors dominate nearly half of total exports, alongside animal feed (HS 23) and meat (HS 02). The top export (HS 99, 33.1%) lacks description but suggests a significant, possibly unclassified, trade segment. In contrast, imports are machinery-heavy, led by vehicles (HS 87, 16.1%) and industrial equipment (HS 84, 14.7%). This shows a reliance on foreign-made goods for manufacturing and infrastructure.

Key Takeaways:

• Exports are resource-driven, with cereals and fuels as major earners.
• High dependence on imported machinery and vehicles signals industrial gaps.
• Unclassified HS 99 exports need clarification for accurate trade assessment.

Argentina Export-Import Structural Gap

Argentina exports raw materials but imports finished goods, highlighting a classic resource-based economy. Vehicles (HS 87) appear in both export and import top 10s, suggesting assembly or re-export activity. The lack of high-value manufacturing exports contrasts with machinery-heavy imports, pointing to industrial upgrading potential. Minimal overlap in other HS codes confirms a clear divide: Argentina sells food and fuels but buys technology and equipment. This gap underscores the need for value-added production to reduce import reliance.

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

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Argentina 2024 Mar Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate diversification, with Brazil as the top destination (17.6%, $1.14B), followed by Chile (7.61%, $492.97M) and the U.S. (6.42%, $415.71M). Other key markets include Vietnam, Mainland China, and India, indicating a mix of Latin American and Asian demand. Imports, however, are more concentrated, with Brazil (25.01%, $1.08B) and Mainland China (16.43%, $712.34M) dominating, alongside Paraguay (9.94%, $430.99M) and the U.S. (9.78%, $424.03M). Key takeaways:

• Exports are spread across Latin America, Asia, and North America.
• Imports rely heavily on Brazil and China, with regional suppliers like Paraguay playing a role.
• Trade with Brazil is bidirectional but skewed toward imports.

Argentina Export–Import Geographic Gap

Exports reach a broader range of countries, while imports depend heavily on a few key suppliers, notably Brazil and China. The U.S. appears in both lists, suggesting some processing trade. The structure implies upstream dependency (focused imports) and downstream diversification (spread exports). No single region dominates exports, but imports lean toward regional and Asian sources. This gap highlights Argentina’s reliance on select suppliers despite its ability to sell globally.

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 Mar?

Argentina's top exports in March 2024 included unspecified goods (HS Code 99) valued at $2.14B (33.07% of total exports), cereals ($1.09B, 16.77%), and mineral fuels ($575.33M, 8.88%), as per the trade data.

What are the main products Argentina imports in 2024 Mar?

The primary imports were vehicles ($696.69M, 16.07%), machinery ($638.55M, 14.73%), and oil seeds ($419.14M, 9.67%), according to the HS code breakdown.

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

Brazil was the leading export destination ($1.08B, 25.01%), followed by Mainland China ($712.34M, 16.43%) and Paraguay ($430.99M, 9.94%), based on the country trade data.

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

Brazil was also the largest import source ($1.14B, 17.60%), with Chile ($492.97M, 7.61%) and the United States ($415.71M, 6.42%) as other key suppliers, per the country analysis.

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

Argentina recorded a $2.14B trade surplus in March 2024, with exports growing 13.0% to $6.48B while imports fell 36.7% to $4.34B due to austerity measures, as noted in the trend analysis.