Argentina - India Trade 2023 Q4: Declining Exports, Tech Imbalance
Key Market Takeaways: Argentina - India Trade
The bilateral trade relationship between Argentina and India showed sustained contraction in Q4 2023, with Argentina maintaining a net exporter role despite declining exports.
- Economic Pulse: Argentina posted a $134.07M trade surplus (exports: $432.85M, imports: $298.78M), but exports fell sharply YoY (-48.35% to -57.9%), signaling weakening demand or competitive pressures.
- Exchange Structure: Argentina - India trade statistics reveal a resource-for-tech complementarity—Argentina supplies bulk fats/oils (70.99% of exports) while importing high-value organic chemicals (23.38% of imports) from India.
- Strategic Interdependence: The partnership remains lopsided, with India holding the value-add advantage through manufactured goods, while Argentina’s export concentration poses diversification risks.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Argentina-India Trade Trend in Q4 2023
Argentina Export Performance: Shipments to India
- Total Volume: $432.85M in Q4 2023.
- Growth Trend & Context: YoY declines persisted across all months (-48.35% in Oct, -47.64% in Nov, -57.9% in Dec), indicating sustained contraction. No news context to explain the trend.
- Key Volatility: November saw a sharp 114.43% MoM surge, followed by a -5.43% correction in December.
Argentina Import Performance: Sourcing from India
- Total Volume: $298.78M in Q4 2023.
- Growth Trend & Context: Mixed YoY performance (-51.44% in Oct, -17.99% in Nov, +26.81% in Dec), with December marking a rebound. No news context provided.
- Key Volatility: December posted the highest MoM growth (+14.71%) and only positive YoY (+26.81%).
Argentina - India Trade Balance & Market Dynamics
- Net Position: Argentina recorded a trade surplus of $134.07M (Exports $432.85M vs. Imports $298.78M).
- Relationship Status: Maintained net exporter role, though export declines YoY suggest weakening demand or competitive pressures.
Argentina Import Trend from India 2023 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 102.18M | -12.14% | -51.44% |
| Nov | 91.57M | -10.38% | -17.99% |
| Dec | 105.04M | 14.71% | 26.81% |
| Total | 298.78M | - | - |
Argentina Export Trend to India 2023 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 83.69M | 10.57% | -48.35% |
| Nov | 179.45M | 114.43% | -47.64% |
| Dec | 169.71M | -5.43% | -57.9% |
| Total | 432.85M | - | - |
Get Historical Argentina India Trade Records
Argentina-India Top Trading Products in Q4 2023
Argentina Export Profile: What Does Argentina Sell to India
- Top Commodity: HS Code 15 (Animal/vegetable fats & oils) dominates with 70.99% share.
- Demand Driver: India likely uses these for industrial processing (e.g., food manufacturing, biofuels).
- Concentration: Extreme reliance on one category (>50% share), indicating low export diversification.
Argentina Import Profile: What Does Argentina Buy from India
- Top Commodity: HS Code 29 (Organic chemicals) leads at 23.38% of imports.
- Dependency Nature: Critical technology dependency, as chemicals are inputs for pharmaceuticals or agrochemicals.
Argentina - India Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Argentina exports raw materials (fats/oils) while importing higher-value chemicals and machinery from India.
- Value Chain Position: India holds the higher value-add position, evidenced by its exports of complex goods (chemicals, machinery) versus Argentina’s bulk commodity exports.
Import Analysis by Product: India to Argentina (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 29 | 69.87M | 23.38% |
| 84 | 54.15M | 18.12% |
| 87 | 37.25M | 12.47% |
| 27 | 28.88M | 9.66% |
| 72 | 14.79M | 4.95% |
| 40 | 9.33M | 3.12% |
| 30 | 9.15M | 3.06% |
| 85 | 7.84M | 2.62% |
| 32 | 6.17M | 2.07% |
| 55 | 5.30M | 1.77% |
Export Analysis by Product: Argentina to India (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 15 | 307.29M | 70.99% |
| 99 | 117.06M | 27.04% |
| 41 | 5.39M | 1.24% |
| 38 | 1.32M | 0.31% |
| 29 | 850.35K | 0.20% |
| 07 | 739.33K | 0.17% |
| 84 | 199.39K | 0.05% |
Check Detailed Argentina-India Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Argentina’s trade with India is likely to face continued volatility in the near term, driven by weakening demand for its key exports (animal/vegetable fats & oils) and India’s shifting import priorities. The sharp YoY declines in Q4 2023 suggest structural challenges, such as competitive pressures or reduced Indian industrial demand, rather than temporary disruptions. However, December’s rebound in imports from India (+26.81% YoY) signals potential for growth in high-value sectors like organic chemicals. Traders should prepare for a period of consolidation, with Argentina’s trade surplus at risk of narrowing if export declines persist.
Strategic Moves
- Diversify Export Basket: Argentina must reduce reliance on HS Code 15 by expanding into secondary commodities like processed foods or minerals, where India has growing demand.
- Secure Long-Term Contracts: Indian importers of Argentine fats/oils should lock in pricing now to hedge against further volatility, while Argentine buyers of Indian chemicals should negotiate bulk purchase agreements.
- Monitor Policy Shifts: Both nations may adjust trade policies in response to the imbalance—exporters should track potential tariffs, subsidies, or bilateral agreements that could reshape trade flows in 2024.
Frequently Asked Questions
How did Argentina - India trade perform in 2023 Q4?
Argentina's exports to India totaled $432.85M, with sustained YoY declines, while imports from India reached $298.78M, showing mixed YoY performance but a rebound in December.
What are the top exports from Argentina to India?
Argentina primarily exports Animal/vegetable fats & oils (HS Code 15), accounting for 70.99% of its shipments to India.
What does Argentina import from India?
Argentina's top import from India is Organic chemicals (HS Code 29), making up 23.38% of its purchases.
What is the trade balance between Argentina and India?
Argentina recorded a trade surplus of $134.07M with India in Q4 2023, maintaining its net exporter role despite declining export growth.
Argentina - India Trade 2023 Q2: Surplus Amid Declines
Argentina's trade surplus with India hit $525.86M in Q2 2023 despite export drops. Explore Argentina India trade trends & top trading products via yTrade data.
Argentina - India Trade 2024 Whole Year: Explosive Growth & Surplus
Argentina's trade surplus with India hit $2.63B in 2024, driven by fats/oils exports. Explore Argentina India trade trends and top trading products via yTrade data.
