Argentina - Germany Trade 2023 Q4: Deficit Widens

Key Market Takeaways: Argentina - Germany Trade

The bilateral trade relationship between Argentina and Germany remains structurally imbalanced, with extreme volatility in Q4 2023.

• Trade Deficit Widens: Argentina posted a $437.67M deficit (imports $639.61M > exports $201.94M), driven by a December import collapse (-32.27% MoM) despite a late-year export rebound (+86.78% YoY).
• Resource-for-Tech Exchange: Argentina - Germany trade statistics show asymmetry—Argentina relies on unclassified goods (55% of exports) and meat (HS 02), while Germany dominates with machinery (HS 84) and high-tech imports.
• One-Way Dependency: Germany holds the value-add advantage, supplying critical industrial and medical equipment, while Argentina’s export basket lacks diversification.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Argentina-Germany Trade Trend in Q4 2023

Argentina Export Performance: Shipments to Germany

• Total Volume: $201.94M in Q4 2023.
• Growth Trend & Context:
  • YoY swings were extreme: -44.54% in October, -45.89% in November, then a sharp reversal to +86.78% in December. No news context to explain volatility.
  • Key Volatility: December’s 122.1% MoM surge (to $99.51M) offset earlier declines, suggesting possible year-end shipment catch-up or seasonal demand.

Argentina Import Performance: Sourcing from Germany

• Total Volume: $639.61M in Q4 2023.
• Growth Trend & Context:
  • YoY growth turned negative (-3.25%) only in December after positive trends earlier (+7.06% in October, +10.07% in November).
  • Key Volatility: December imports collapsed (-32.27% MoM to $157.78M), likely reflecting inventory drawdowns or delayed orders.

Argentina - Germany Trade Balance & Market Dynamics

• Net Position: Trade deficit of $437.67M (Imports $639.61M > Exports $201.94M).
• Relationship Status: Heavy reliance on German imports, with exports failing to offset despite December’s rebound. Structural imbalance persists.

Argentina Import Trend from Germany 2023 Q4 (Source: yTrade)**

Argentina Export Trend to Germany 2023 Q4 (Source: yTrade)**

Get Historical Argentina Germany Trade Records

Argentina-Germany Top Trading Products in Q4 2023

Argentina Export Profile: What Does Argentina Sell to Germany

• Top Commodity: HS Code 99 (55.26% share). This likely represents unclassified or special category goods, indicating a dominant but unspecified export.
• Demand Driver: HS Code 02 (28.58% share, meat and edible offal) suggests Germany sources agricultural products from Argentina for its consumer market.
• Concentration: Extreme—HS Code 99 alone accounts for over 55% of exports, signaling heavy reliance on a single category.

Argentina Import Profile: What Does Argentina Buy from Germany

• Top Commodity: HS Code 84 (28.82% share, machinery/industrial equipment). Germany’s exports are tech-heavy.
• Dependency Nature: High-tech dominance (HS Codes 84, 85, 90) points to critical technology dependency for Argentina’s industrial and medical sectors.

Argentina - Germany Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina supplies agricultural goods (HS 02) and raw materials, while Germany delivers machinery and pharmaceuticals (HS 84, 30).
• Value Chain Position: Germany clearly holds the higher value-add position, exporting complex machinery and chemicals, while Argentina’s exports are predominantly low-value-added commodities.

Import Analysis by Product: Germany to Argentina (Source: yTrade)

Export Analysis by Product: Argentina to Germany (Source: yTrade)

Check Detailed Argentina-Germany Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast for Argentina-Germany Trade

The Argentina-Germany trade relationship is expected to remain volatile in the near term, with Argentina’s export rebound in December likely driven by seasonal adjustments rather than sustained demand. Germany’s high-tech exports will continue dominating the trade flow, reinforcing the structural deficit. However, if Argentina stabilizes its agricultural shipments (HS 02) and reduces reliance on unclassified goods (HS 99), exports could see gradual recovery. Traders should prepare for erratic swings, particularly in Q1 2024, as Germany’s industrial demand fluctuates with EU economic conditions.

Strategic Moves for Traders & Policymakers

• Diversify Export Categories: Argentina must reduce dependence on HS 99 by expanding meat (HS 02) and other agro-industrial exports to Germany, ensuring stable revenue streams.
• Lock in Tech Imports with Long-Term Contracts: Argentine importers should negotiate fixed-price agreements for critical machinery (HS 84) and pharmaceuticals (HS 30) to hedge against supply chain disruptions.
• Monitor German Inventory Cycles: The December import collapse suggests German buyers may be delaying orders. Argentine exporters must align shipments with Germany’s restocking periods to avoid sudden demand drops.

Frequently Asked Questions

How did Argentina - Germany trade perform in 2023 Q4?

Argentina's exports to Germany totaled $201.94M in Q4 2023, with extreme YoY volatility, while imports from Germany reached $639.61M, resulting in a trade deficit of $437.67M.

What are the top exports from Argentina to Germany?

Argentina's top exports to Germany include unclassified/special category goods (HS Code 99, 55.26% share) and meat/edible offal (HS Code 02, 28.58% share).

What does Argentina import from Germany?

Argentina primarily imports machinery/industrial equipment (HS Code 84, 28.82% share) and other high-tech goods like pharmaceuticals (HS Code 30) from Germany.

What is the trade balance between Argentina and Germany?

Argentina recorded a trade deficit of $437.67M with Germany in Q4 2023, reflecting heavy reliance on German imports. The structural imbalance persists.