Argentina - Germany Trade 2024 Q3: Persistent Deficit

Key Market Takeaways: Argentina - Germany Trade

The bilateral trade relationship between Argentina and Germany reflects a persistent trade deficit for Argentina amid volatile growth in Q3 2024.

• Economic Pulse: Argentina’s trade deficit with Germany hit $503.35M, driven by $687.80M in imports (down YoY) versus $184.45M in exports (mixed recovery).
• Exchange Structure: Argentina - Germany trade statistics reveal a resource-for-tech dynamic: meat (HS 02) and unclassified goods (HS 99) dominate exports, while machinery (HS 84) and pharmaceuticals (HS 30) lead imports.
• Strategic Interdependence: Highly complementary but imbalanced—Germany supplies critical industrial and healthcare inputs, while Argentina remains a key agricultural supplier.

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

Argentina-Germany Trade Trend in Q3 2024

Argentina Export Performance: Shipments to Germany

• Total Volume: $184.45M in Q3 2024.
• Growth Trend & Context:
  • Mixed YoY performance: July (-36.17%) and August (-0.1%) declines offset by September’s sharp rebound (+33.48%).
  • No news context to explain the volatility.
• Key Volatility: September saw a 34.9% MoM surge, the highest in the quarter.

Argentina Import Performance: Sourcing from Germany

• Total Volume: $687.80M in Q3 2024.
• Growth Trend & Context:
  • YoY contractions in August (-11.68%) and September (-6.42%) dragged down the quarter.
  • No relevant news to link to the trend.
• Key Volatility: July’s 19.39% MoM jump was followed by an 11.37% drop in August.

Argentina - Germany Trade Balance & Market Dynamics

• Net Position: Trade deficit of $503.35M (Imports exceeded exports).
• Relationship Status: Argentina remains heavily dependent on German imports, with exports recovering but not offsetting the gap.

Argentina Import Trend from Germany 2024 Q3 (Source: yTrade)**

Argentina Export Trend to Germany 2024 Q3 (Source: yTrade)**

Get Historical Argentina Germany Trade Records

Argentina-Germany Top Trading Products in Q3 2024

Argentina Export Profile: What Does Argentina Sell to Germany

• Top Commodity: Rank #1 export is HS Code 99 (38.03% share), likely representing services or unclassified goods, followed closely by HS Code 02 (37.61%), which typically denotes meat and edible meat offal.
• Demand Driver: Germany imports Argentine meat (HS 02) for its consumer market, reflecting strong demand for high-quality protein. The dominance of these two categories suggests Argentina serves as a key supplier of agricultural products to Germany.
• Concentration: Trade is highly concentrated, with the top two exports (HS 99 and 02) accounting for 75.64% of total exports to Germany.

Argentina Import Profile: What Does Argentina Buy from Germany

• Top Commodity: Rank #1 import is HS Code 84 (27.23% share), representing machinery and mechanical appliances, indicating Germany’s role as a supplier of industrial equipment.
• Dependency Nature: Argentina relies on Germany for high-tech machinery (HS 84) and pharmaceuticals (HS 30), highlighting a critical technology dependency for industrial and healthcare sectors.

Argentina - Germany Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina exports agricultural goods (HS 02) and raw materials, while Germany supplies machinery and pharmaceuticals, reflecting a classic resource-for-technology exchange.
• Value Chain Position: Germany holds the higher value-add position, exporting complex machinery and pharmaceuticals, while Argentina’s exports are primarily raw or lightly processed goods.

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

The Argentina-Germany trade relationship is likely to remain volatile in the near term, with Argentina’s export recovery facing headwinds from inconsistent demand and Germany’s import slowdown reflecting broader economic caution. However, the structural complementarity—Argentina’s agricultural exports (HS 02) for Germany’s machinery (HS 84) and pharmaceuticals (HS 30)—provides a stable foundation. Traders should anticipate continued trade deficits for Argentina but watch for opportunistic rebounds in meat exports, given Germany’s steady protein demand. The Argentina-Germany trade forecast hinges on whether Buenos Aires can stabilize export momentum while managing import dependency.

Strategic Moves

• Lock in Meat Export Contracts: Argentine meat producers should secure long-term agreements with German buyers to mitigate price volatility and capitalize on consistent demand.
• Diversify Import Sources: Argentine manufacturers must reduce overreliance on German machinery by exploring alternative suppliers in Asia or North America to ease cost pressures.
• Push for Value-Add Exports: Argentina’s trade authorities should incentivize processing of raw agricultural goods (e.g., packaged meats instead of bulk cuts) to capture higher margins in the German market.

Frequently Asked Questions

How did Argentina - Germany trade perform in 2024 Q3?

Argentina's exports to Germany totaled $184.45M, with mixed YoY growth, while imports from Germany reached $687.80M, showing YoY declines in August and September.

What are the top exports from Argentina to Germany?

Argentina's top exports to Germany are services/unclassified goods (HS Code 99) and meat/edible meat offal (HS Code 02), together accounting for 75.64% of total exports.

What does Argentina import from Germany?

Argentina primarily imports machinery/mechanical appliances (HS Code 84) and pharmaceuticals (HS Code 30) from Germany, reflecting a reliance on industrial and healthcare technology.

What is the trade balance between Argentina and Germany?

Argentina recorded a trade deficit of $503.35M with Germany in Q3 2024, as imports significantly exceeded exports. The gap remains wide due to Germany's higher-value exports.