2024 Q3 Argentina Trade Data Summary: Exports Surge, Imports Lag

Argentina 2024 Q3 Trade Data Key Takeaways

• Market Trend: Argentina trade data shows exports up 17.9% YoY in Q3 2024, but imports still down 17.8% amid austerity.
• Key Driver: Argentina import export data reveals Brazil dominates both flows (17.4% exports, 23.2% imports), signaling tight regional integration.
• Strategic Risk: Heavy reliance on commodity exports (cereals, fuels) leaves Argentina exposed to price swings while importing critical machinery.

Analysis covers 2024 Q3 based on sanitized customs records from the yTrade database.

Argentina 2024 Q3 Trade Data Trend Overview

• Argentina's economy, a major agricultural and energy exporter, showed stabilization in Q3 2024 as the government's austerity measures began rebalancing its external accounts, according to the latest Argentina global trade data.
• Exports totaled $6.95B in September, rising 17.9% year-on-year, while imports reached $5.97B, still down 17.8% from last year, reflecting the ongoing demand compression from fiscal tightening visible in the Argentina import export data.
• The trade surplus narrowed to $0.98B in September, down from July's $1.46B, as import volumes began recovering from severely depressed levels earlier in the year.
• The import rebound—up 22.3% month-on-month—signals early-stage demand recovery, though it remains constrained by reduced purchasing power and limited credit access under President Milei’s orthodox adjustment program [Vizion API].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Argentina 2024 Q3 Top Trading Products

Argentina Global Trade Core Summary

Argentina's trade is heavily resource-driven, with exports dominated by agricultural and mineral products. The top export categories include cereals (10.56%), animal feed (9.13%), and mineral fuels (9.02%), alongside vehicles (8.72%) and fats/oils (7.68%). This suggests a strong reliance on primary goods, with limited high-value manufacturing exports. Imports, however, skew toward machinery (14.77%), vehicles (14.60%), and electrical equipment (10.39%), indicating dependence on foreign industrial goods. Key takeaways:

• Exports are concentrated in low-processed agricultural and mineral products.
• Imports focus on machinery and technology, highlighting industrial gaps.
• Vehicle trade is balanced but may reflect assembly-dependent supply chains.

Argentina Export-Import Structural Gap

Argentina’s trade shows a clear divide: it exports raw materials but imports finished industrial goods. The overlap in vehicles (HS 87) suggests some local assembly, but machinery (HS 84, 85) dominates imports, pointing to weak domestic manufacturing. Mineral fuels (HS 27) appear in both lists, hinting at possible refining or re-export activities. The lack of high-tech exports versus high-tech imports underscores an opportunity for industrial upgrading, particularly in machinery and electronics. This gap leaves Argentina vulnerable to commodity price swings while relying on foreign technology.

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

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Argentina 2024 Q3 Top Trading Countries

Argentina Global Trade Key Patterns

Argentina's exports show moderate diversification, with Brazil as the top destination (17.4% share, $3.64B), followed by Chile (8.8%, $1.85B) and the U.S. (8.2%, $1.72B). Latin America dominates, with Brazil, Chile, Peru, and Uruguay collectively accounting for over 30% of exports. Imports are more concentrated, with Brazil (23.2%, $3.84B) and Mainland China (19.6%, $3.25B) supplying nearly half of Argentina's imports. The U.S. is a key partner in both flows (exports: 8.2%, imports: 10.6%). Key takeaways:

• Exports lean heavily on Latin America, especially Brazil.
• Imports rely on Brazil and China for nearly 43% of total inbound trade.
• The U.S. is a balanced partner in both directions.
• No single export market exceeds 20% share, while two import sources do.

Argentina Export–Import Geographic Gap

Exports spread across Latin America, North America, and Asia, while imports depend heavily on Brazil and China. This suggests downstream diversification but upstream dependency, especially on Chinese manufacturing and Brazilian goods. Three countries overlap in both lists (Brazil, China, U.S.), hinting at integrated supply chains. The structure points to regional export demand but globalized import needs, with Europe (Germany, Italy) and Asia (Thailand, India) playing secondary roles in sourcing. Trade gaps are geographic—exports stay regional, imports go global.

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 Q3?

Argentina's top exports in Q3 2024 include "Description not available" (HS Code 99, 28.66% share), cereals (10.56%), and residues/waste from food industries (9.13%). Vehicles and mineral fuels also ranked highly, contributing 8.72% and 9.02% respectively.

What are the main products Argentina imports in 2024 Q3?

Major imports were nuclear reactors/machinery (14.77% share), vehicles (14.60%), and electrical machinery (10.39%). Mineral fuels (8.17%) and oil seeds (5.65%) were also significant.

Which countries are the top destinations for Argentina's exports in 2024 Q3?

Brazil (23.15% share), Mainland China (19.61%), and the United States (10.64%) were Argentina’s largest export markets. Paraguay (5.45%) and Germany (4.15%) followed.

Which countries supply most of Argentina's imports in 2024 Q3?

Brazil (17.41% share), Chile (8.83%), and the United States (8.22%) were the top import sources. Mainland China (6.73%) and India (4.64%) also supplied significant volumes.

How balanced are Argentina's export and import markets in 2024 Q3?

Argentina maintained a $0.98B trade surplus in September 2024, though it narrowed from July’s $1.46B. Exports rose 17.9% year-on-year, while imports remained 17.8% below 2023 levels due to fiscal tightening.

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