Argentina - Brazil Trade 2023 Whole Year: $5.44B Deficit
Key Market Takeaways: Argentina - Brazil Trade
The bilateral trade relationship between Argentina and Brazil deteriorated in 2023, marked by declining exports and volatile import flows.
- Economic Pulse: Argentina posted a $5.44B trade deficit with Brazil ($17.30B imports vs. $11.86B exports), with sharp YoY declines in both directions by year-end.
- Exchange Structure: Argentina - Brazil trade statistics reveal intra-industry trade dominance, with vehicles (HS 87) leading both exports (36.37%) and imports (23.75%), reflecting deep supply chain integration.
- Strategic Interdependence: The relationship hinges on balanced manufacturing tiers, with both nations exchanging high-value industrial goods rather than raw materials.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Argentina-Brazil Trade Trend in Whole Year 2023
Argentina Export Performance: Shipments to Brazil
- Total Volume: $11.86B in 2023.
- Growth Trend & Context:
- YoY declines dominated, with sharp contractions in June (-25.87%), November (-23.24%), and August (-15.23%).
- No recovery to positive YoY growth after May.
- Key Volatility: March saw the highest MoM surge (+28.02%), while November had the steepest drop (-17.83%).
Argentina Import Performance: Sourcing from Brazil
- Total Volume: $17.30B in 2023.
- Growth Trend & Context:
- Strong YoY growth early (peaking at +30.51% in May) but collapsed to negative territory from August onward, ending at -14.39% in December.
- Key Volatility: March recorded the highest MoM jump (+47.41%), while July and November saw severe drops (-22.19% and -15.7% respectively).
Argentina - Brazil Trade Balance & Market Dynamics
- Net Position: Trade deficit of $5.44B (Imports $17.30B > Exports $11.86B).
- Relationship Status: Argentina remains a net importer from Brazil, with reliance intensifying in H1 before a sharp pullback in H2.
Argentina Import Trend from Brazil 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.17B | 9.09% | 16.79% |
| Feb | 1.15B | -1.93% | 10.41% |
| Mar | 1.70B | 47.41% | 23.08% |
| Apr | 1.61B | -4.95% | 22.92% |
| May | 1.96B | 21.44% | 30.51% |
| Jun | 2.05B | 4.63% | 14.98% |
| Jul | 1.59B | -22.19% | 8.42% |
| Aug | 1.39B | -12.94% | -3.97% |
| Sep | 1.48B | 6.58% | -6.52% |
| Oct | 1.23B | -16.74% | -1.29% |
| Nov | 1.04B | -15.7% | -8.5% |
| Dec | 921.00M | -11.31% | -14.39% |
| Total | 17.30B | - | - |
Argentina Export Trend to Brazil 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 717.44M | -32.26% | 6.36% |
| Feb | 884.99M | 23.35% | 12.18% |
| Mar | 1.13B | 28.02% | 14.89% |
| Apr | 1.09B | -4.08% | -1.35% |
| May | 992.82M | -8.64% | -4.16% |
| Jun | 908.30M | -8.51% | -25.87% |
| Jul | 1.01B | 11.39% | -10.93% |
| Aug | 997.70M | -1.39% | -15.23% |
| Sep | 1.18B | 17.9% | -3.06% |
| Oct | 1.05B | -10.83% | -6.08% |
| Nov | 861.89M | -17.83% | -23.24% |
| Dec | 1.04B | 20.3% | -2.1% |
| Total | 11.86B | - | - |
Get Historical Argentina Brazil Trade Records
Argentina-Brazil Top Trading Products in Whole Year 2023
Argentina Export Profile: What Does Argentina Sell to Brazil
- Top Commodity: Vehicles (HS 87) dominate exports to Brazil, accounting for 36.37% of total value.
- Demand Driver: Brazil's consumer market absorbs Argentine vehicles, indicating strong intra-regional trade in manufactured goods.
- Concentration: The top export (HS 87) holds over a third of the share, but trade is diversified with no single category exceeding 50%.
Argentina Import Profile: What Does Argentina Buy from Brazil
- Top Commodity: Vehicles (HS 87) also lead imports from Brazil, making up 23.75% of total purchases.
- Dependency Nature: Argentina relies on Brazilian vehicles and machinery (HS 84, 8.98%), suggesting industrial interdependence rather than critical resource dependency.
Argentina - Brazil Trade Relationship Dynamics
- The Exchange Model: Intra-Industry Trade defines the relationship, with both countries exchanging vehicles (HS 87) and machinery (HS 84), reflecting deep supply chain integration.
- Value Chain Position: Brazil holds a slight edge in export value (HS 87 at $4.31B vs. Argentina’s $4.11B), but both nations operate at similar manufacturing tiers, indicating balanced value-add.
Import Analysis by Product: Brazil to Argentina (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 4.11B | 23.75% |
| 12 | 2.18B | 12.62% |
| 84 | 1.55B | 8.98% |
| 72 | 1.08B | 6.23% |
| 85 | 832.35M | 4.81% |
| 39 | 795.80M | 4.60% |
| 26 | 611.56M | 3.54% |
| 27 | 591.17M | 3.42% |
| 48 | 497.58M | 2.88% |
| 40 | 495.79M | 2.87% |
Export Analysis by Product: Argentina to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 4.31B | 36.37% |
| 99 | 2.60B | 21.96% |
| 27 | 1.07B | 9.05% |
| 10 | 1.01B | 8.50% |
| 04 | 552.51M | 4.66% |
| 11 | 400.60M | 3.38% |
| 84 | 374.42M | 3.16% |
| 20 | 261.73M | 2.21% |
| 08 | 172.44M | 1.45% |
| 07 | 149.26M | 1.26% |
Check Detailed Argentina-Brazil Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Argentina-Brazil Trade
The Argentina-Brazil trade relationship faces near-term volatility, with declining exports and imports in H2 2023 signaling a cooling phase. However, the deep intra-industry integration—particularly in vehicles (HS 87) and machinery (HS 84)—suggests resilience in long-term supply chain ties. Expect a period of consolidation in 2024 as both economies stabilize, with trade volumes likely to rebound modestly if industrial demand recovers. The persistent trade deficit for Argentina underscores the need for strategic adjustments to rebalance the exchange.
Strategic Moves for Traders & Policymakers
- Diversify Export Markets: Argentine exporters must reduce reliance on Brazil by targeting new regional buyers for vehicles and machinery, mitigating downside risks from future demand shocks.
- Optimize Cross-Border Logistics: With supply chain interdependence, firms should renegotiate freight contracts and adopt just-in-time inventory systems to cut costs amid fluctuating trade volumes.
- Leverage Industrial Synergies: Argentina should push for joint manufacturing initiatives with Brazil to co-develop higher-value auto and machinery components, capturing more of the production value chain.
Frequently Asked Questions
How did Argentina - Brazil trade perform in 2023 Whole Year?
Argentina's exports to Brazil totaled $11.86B, with YoY declines dominating, while imports from Brazil reached $17.30B, showing early growth but ending with a sharp pullback.
What are the top exports from Argentina to Brazil?
Vehicles (HS 87) dominate Argentina's exports to Brazil, accounting for 36.37% of total value, followed by diversified categories.
What does Argentina import from Brazil?
Argentina primarily imports vehicles (HS 87, 23.75%) and machinery (HS 84, 8.98%) from Brazil, reflecting industrial interdependence.
What is the trade balance between Argentina and Brazil?
Argentina recorded a trade deficit of $5.44B with Brazil in 2023, with imports ($17.30B) exceeding exports ($11.86B). The gap widened in H1 before narrowing in H2.
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