Argentina - India Trade 2023 Whole Year: Volatile Exchange
Key Market Takeaways: Argentina - India Trade
The bilateral trade relationship between Argentina and India is marked by volatility and eroding export competitiveness in 2023.
- $2.45B exports vs. $1.43B imports gave Argentina a $1.02B surplus, but collapsing export volumes (-47.6% YoY) signal structural risks.
- Argentina - India trade statistics reveal a resource-for-tech exchange: Argentina supplies 77.7% fats/oils (HS 15) while importing Indian pharmaceuticals/chemicals (HS 29, 25% share).
- Asymmetric interdependence: India holds higher value-add leverage, while Argentina’s commodity reliance exposes it to demand shocks.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Argentina-India Trade Trend in Whole Year 2023
Argentina Export Performance: Shipments to India
- Total Volume: $2.45B in 2023.
- Growth Trend & Context: Persistent YoY declines, averaging -47.6% (11/12 months negative). Severe drops in March (-53.8%), May (-47.7%), and December (-57.9%) indicate structural demand shifts.
- Key Volatility: November saw a 114.4% MoM surge (likely one-off orders), while September collapsed -52.3% MoM.
Argentina Import Performance: Sourcing from India
- Total Volume: $1.43B in 2023.
- Growth Trend & Context: Mixed YoY: 5 months saw growth (peaking at +41.4% in May), but annualized decline of -21.1% in January set the tone. Recovery in September (+6.1% YoY) was short-lived.
- Key Volatility: April spiked 81.8% MoM, while June plunged -30.7% MoM, reflecting erratic procurement.
Argentina - India Trade Balance & Market Dynamics
- Net Position: Argentina holds a $1.02B trade surplus with India (Exports $2.45B > Imports $1.43B).
- Relationship Status: Dominant exporter role, but declining export volumes (-47.6% YoY avg) signal eroding competitiveness or demand shifts. Import volatility suggests unstable supply chains.
Argentina Import Trend from India 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 108.17M | 30.6% | -21.1% |
| Feb | 131.04M | 21.14% | -15.85% |
| Mar | 94.21M | -28.11% | -20.27% |
| Apr | 171.29M | 81.82% | -5.0% |
| May | 167.91M | -1.97% | 41.43% |
| Jun | 116.39M | -30.68% | -53.77% |
| Jul | 108.41M | -6.86% | -44.7% |
| Aug | 119.90M | 10.6% | -32.3% |
| Sep | 116.30M | -3.0% | 6.13% |
| Oct | 102.18M | -12.14% | -51.44% |
| Nov | 91.57M | -10.38% | -17.99% |
| Dec | 105.04M | 14.71% | 26.81% |
| Total | 1.43B | - | - |
Argentina Export Trend to India 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 181.76M | -54.91% | -27.6% |
| Feb | 228.09M | 25.49% | -10.64% |
| Mar | 183.15M | -19.71% | -53.84% |
| Apr | 291.30M | 59.05% | -38.99% |
| May | 370.39M | 27.15% | -47.68% |
| Jun | 319.76M | -13.67% | -49.18% |
| Jul | 208.95M | -34.65% | -41.41% |
| Aug | 158.66M | -24.07% | -57.73% |
| Sep | 75.69M | -52.3% | -59.1% |
| Oct | 83.69M | 10.57% | -48.35% |
| Nov | 179.45M | 114.43% | -47.64% |
| Dec | 169.71M | -5.43% | -57.9% |
| Total | 2.45B | - | - |
Get Historical Argentina India Trade Records
Argentina-India Top Trading Products in Whole Year 2023
Argentina Export Profile: What Does Argentina Sell to India
- Top Commodity: Rank #1 export is HS 15 (Animal/Vegetable Fats & Oils) with 77.72% share.
- Demand Driver: India uses these for industrial processing (e.g., food manufacturing, biofuels).
- Concentration: Extreme dominance by HS 15 (>50% share), indicating high reliance on a single commodity.
Argentina Import Profile: What Does Argentina Buy from India
- Top Commodity: Rank #1 import is HS 29 (Organic Chemicals) with 25.01% share.
- Dependency Nature: Critical technology dependency (pharmaceuticals, agrochemicals).
Argentina - India Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Argentina exports raw materials (fats/oils) and imports high-value chemicals.
- Value Chain Position: India holds higher value-add position (HS 29, 84, 85) vs. Argentina’s commodity-heavy exports (HS 15).
Import Analysis by Product: India to Argentina (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 29 | 358.31M | 25.01% |
| 27 | 225.99M | 15.78% |
| 84 | 224.42M | 15.67% |
| 87 | 125.26M | 8.74% |
| 72 | 52.03M | 3.63% |
| 39 | 48.55M | 3.39% |
| 85 | 47.32M | 3.30% |
| 30 | 40.56M | 2.83% |
| 40 | 38.64M | 2.70% |
| 38 | 28.37M | 1.98% |
Export Analysis by Product: Argentina to India (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 15 | 1.90B | 77.72% |
| 99 | 465.37M | 18.99% |
| 71 | 37.34M | 1.52% |
| 41 | 23.84M | 0.97% |
| 27 | 7.30M | 0.30% |
| 29 | 5.19M | 0.21% |
| 38 | 3.87M | 0.16% |
| 07 | 2.43M | 0.10% |
| 84 | 339.79K | 0.01% |
| 22 | 198.27K | 0.01% |
Check Detailed Argentina-India Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Argentina’s trade surplus with India is likely to narrow in 2024 due to persistent export declines (-47.6% YoY in 2023) and volatile import demand. The extreme reliance on HS 15 (Animal/Vegetable Fats & Oils) exposes Argentina to price shocks and shifting Indian industrial demand, while India’s dominance in high-value organic chemicals (HS 29) strengthens its bargaining power. Without diversification, Argentina risks further erosion of its trade position. However, short-term spikes in commodity demand (e.g., biofuels) could offer temporary relief.
Strategic Moves
- Diversify Export Basket: Argentine exporters must reduce dependence on HS 15 by targeting India’s growing demand for processed food (HS 16) or minerals (HS 26). Pilot shipments of niche agro-products (e.g., honey, wine) can test new demand.
- Lock in Tech Imports: Indian organic chemicals (HS 29) are critical for Argentina’s pharma and agro-industry. Negotiate long-term contracts with Indian suppliers to mitigate price volatility and secure supply chains.
- Monitor Biofuel Policies: India’s push for renewable energy may revive demand for Argentine fats/oils. Traders should track policy shifts and align shipments with subsidy windows to capitalize on spikes.
Frequently Asked Questions
How did Argentina - India trade perform in 2023 Whole Year?
Argentina exported $2.45B to India but saw a -47.6% YoY decline, while imports from India totaled $1.43B with mixed growth.
What are the top exports from Argentina to India?
HS 15 (Animal/Vegetable Fats & Oils) dominated, accounting for 77.72% of Argentina’s exports to India.
What does Argentina import from India?
HS 29 (Organic Chemicals) was the top import, representing 25.01% of Argentina’s purchases from India.
What is the trade balance between Argentina and India?
Argentina held a $1.02B trade surplus with India, though declining exports signal potential demand shifts.
2025 Argentina Vehicle Parts (HS 8708) Export: Volatile Surge
Argentina's Vehicle Parts Export (HS Code 8708) saw a 93% surge to $110.85M in February 2025 before collapsing, per yTrade data. Heavy reliance on Brazil and premium demand from Sweden reveal market risks.
Argentina - India Trade 2023 Q1: Shrinking Surplus
Argentina's trade surplus with India narrowed in Q1 2023 as exports and imports declined. Explore Argentina India trade trends and top trading products with yTrade data.
