2024 Q1 Argentina Trade Data Summary: Exports Surge, Imports Plunge

Argentina 2024 Q1 Trade Data Key Takeaways

• Market Trend: Argentina trade data shows exports surged 9.5% while imports plunged 24.2%, driven by fiscal tightening.
• Key Driver: Argentina import export data reveals cereals (17%) and Brazil (17.4%) dominate exports, but machinery imports (17%) highlight industrial gaps.
• Strategic Risk: Heavy import reliance on Brazil and China (41.8%) exposes supply chain fragility.

Analysis covers 2024 Q1 based on sanitized customs records from the yTrade database.

Argentina 2024 Q1 Trade Data Trend Overview

• Argentina, a major agricultural and resource exporter, posted solid Argentina global trade data for Q1 2024, demonstrating resilience amid domestic economic rebalancing efforts.
• The Argentina import export data shows exports surged 9.5% year-on-year in March to $6.48B, while imports contracted sharply by 24.2% to $4.34B, reflecting constrained domestic demand and fiscal tightening.
• This divergence resulted in a significant quarterly trade surplus of approximately $3.7B, providing a crucial buffer for the economy's external accounts.
• The import compression was largely policy-driven, aligning with the government's austerity measures and a new $20B IMF program requiring fiscal discipline to stabilize the macroeconomy [Argentina - Market Challenges].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2024 Q1 Top Trading Products

Argentina Global Trade Core Summary

Argentina's trade is heavily driven by agricultural and mineral exports, with cereals (17%), mineral fuels (9%), and animal feed (7%) leading the way. These three categories alone make up over 30% of total exports, showing a strong reliance on raw and semi-processed goods. On the import side, machinery (17%), vehicles (14%), and electrical equipment (10%) dominate, indicating a need for industrial and technological inputs. The export structure suggests a resource-based economy, while imports highlight dependency on manufactured goods.

Key takeaways:

• Agriculture and fuels are Argentina’s top export earners.
• Imports are focused on machinery, vehicles, and electronics.
• Limited high-value manufacturing in exports raises diversification needs.

Argentina Export-Import Structural Gap

Argentina exports mostly raw materials but imports finished goods, creating a clear trade gap. The country sells cereals, fuels, and animal products but buys machinery, vehicles, and chemicals. This pattern shows an economy strong in primary production but weak in advanced manufacturing. Overlap in vehicle trade (exports at 5%, imports at 14%) suggests some local assembly but heavy reliance on foreign parts. To reduce import dependence, Argentina could invest in upgrading its industrial base, especially in machinery and electronics.

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

Check Detailed Argentina Trade HS Code Breakdown

Argentina 2024 Q1 Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate concentration, with Brazil as the top destination (17.4% share), followed by Chile (7.7%) and the U.S. (7.3%). Imports are more heavily reliant on Brazil (23%) and Mainland China (18.8%), indicating stronger supplier dependence. Both export and import flows highlight strong regional ties, particularly with Brazil and neighboring Latin American markets. Key asymmetries include higher export diversification (no single market above 20%) versus import reliance on Brazil and China (combined 41.8%).

• Top exports: Brazil, Chile, U.S., China, Peru
• Top imports: Brazil, China, U.S., Paraguay, Germany
• Regional focus: Latin America dominates both flows
• Import concentration: Heavy reliance on Brazil and China
• Export spread: More balanced distribution across markets

Argentina Export–Import Geographic Gap

Exports reach diversified markets, while imports depend heavily on Brazil and China, creating a supply-chain vulnerability. The U.S. and China appear in both top export and import lists, suggesting some processing trade. Export destinations are more globally distributed (including India, Vietnam, Algeria), whereas imports are regionally skewed (Paraguay, Mexico). The structure implies downstream diversification but upstream dependency on a few key suppliers. This gap underscores Argentina's need to broaden import sources while maintaining export market flexibility.

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 Q1?

Argentina's top exports in Q1 2024 included "Description not available" (HS Code 99, 34.94%), cereals (16.94%), and mineral fuels (8.59%), based on the highest export values.

What are the main products Argentina imports in 2024 Q1?

The country primarily imported nuclear reactors/machinery (17.16%), vehicles (13.85%), and electrical machinery (9.60%), accounting for the largest import shares.

Which countries are the top destinations for Argentina's exports in 2024 Q1?

Brazil (23.00%), Mainland China (18.78%), and the United States (10.35%) were the leading export destinations for Argentina in Q1 2024.

Which countries supply most of Argentina's imports in 2024 Q1?

Brazil (17.41%), Chile (7.74%), and the United States (7.32%) were the top origins of Argentina's imports during the quarter.

How balanced are Argentina's export and import markets in 2024 Q1?

Argentina recorded a $3.7B trade surplus in Q1 2024, with exports growing 9.5% while imports contracted 24.2% due to fiscal tightening and constrained demand.

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