Argentina - Indonesia Trade 2024 Q1: Commodity Dominance

Key Market Takeaways: Argentina - Indonesia Trade

The bilateral trade relationship between Argentina and Indonesia is marked by volatile growth and a dominant Argentine trade surplus in Q1 2024.

• Economic Pulse: Argentina holds a $499.72M trade surplus, with exports ($561.42M) dwarfing imports ($61.70M). Export performance was erratic, swinging from sharp YoY gains to declines, while imports consistently contracted.
• Exchange Structure: Argentina - Indonesia trade statistics reveal a resource-for-manufactures dynamic: Argentina supplies cereals (88.4% of exports), while Indonesia ships footwear and machinery (29.2% of imports).
• Strategic Interdependence: Highly complementary but imbalanced—Argentina’s commodity dominance contrasts with Indonesia’s value-add in finished goods.

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

Argentina-Indonesia Trade Trend in Q1 2024

Argentina Export Performance: Shipments to Indonesia

• Total Volume: $561.42M in Q1 2024.
• Growth Trend & Context:
  • Volatile YoY performance: +77.18% in January, -7.41% in February, then a sharp rebound (+101.86%) in March.
  • No specific trade news or policy shifts to explain fluctuations.
• Key Volatility: January saw a 322.19% MoM surge, followed by a -37.84% drop in February. March recovered with +27.29% MoM growth.

Argentina Import Performance: Sourcing from Indonesia

• Total Volume: $61.70M in Q1 2024.
• Growth Trend & Context:
  • Consistently negative YoY trends: -16.72% (Jan), -13.19% (Feb), -5.96% (Mar).
  • No relevant news to contextualize the decline.
• Key Volatility: March imports rose 15.57% MoM after two months of contraction.

Argentina - Indonesia Trade Balance & Market Dynamics

• Net Position: Trade surplus of $499.72M (Exports $561.42M > Imports $61.70M).
• Relationship Status: Argentina dominates as a net exporter, with exports nearly 9x imports. Demand for Argentine goods in Indonesia appears robust despite import volatility.

Argentina Import Trend from Indonesia 2024 Q1 (Source: yTrade)**

Argentina Export Trend to Indonesia 2024 Q1 (Source: yTrade)**

Get Historical Argentina Indonesia Trade Records

Argentina-Indonesia Top Trading Products in Q1 2024

Argentina Export Profile: What Does Argentina Sell to Indonesia

• Top Commodity: HS Code 10 (Cereals) dominates with 88.41% share.
• Demand Driver: Indonesia relies on Argentina for bulk agricultural commodities, likely for food security or industrial processing.
• Concentration: Extreme concentration—HS Code 10 alone accounts for nearly 90% of exports.

Argentina Import Profile: What Does Argentina Buy from Indonesia

• Top Commodity: HS Code 64 (Footwear) leads at 29.15% share.
• Dependency Nature: Primarily consumer goods (footwear, rubber products, machinery), indicating reliance on Indonesia for manufactured goods rather than critical inputs.

Argentina - Indonesia Trade Relationship Dynamics

• The Exchange Model: Resource-for-Manufactures Complementarity. Argentina exports raw agricultural products (cereals) while importing finished goods (footwear, machinery).
• Value Chain Position: Indonesia holds higher value-add, supplying manufactured products, while Argentina remains a commodity exporter.

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

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

Check Detailed Argentina-Indonesia Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Argentina-Indonesia trade relationship is poised for continued growth in 2024, driven by robust Indonesian demand for Argentine cereals. Despite short-term volatility in export volumes, the structural complementarity—Argentina’s agricultural exports versus Indonesia’s manufactured goods—ensures a stable trade surplus. However, exporters should anticipate potential price fluctuations in key commodities like HS Code 10 (Cereals) due to global supply chain uncertainties. Meanwhile, Argentina’s declining imports from Indonesia suggest a shift in domestic demand or sourcing alternatives, warranting closer market analysis.

Strategic Moves

• Lock in Long-Term Cereal Contracts: Argentine agribusinesses should secure multi-year supply agreements with Indonesian buyers to stabilize revenue amid volatile global grain prices.
• Diversify Export Portfolio: Reduce reliance on cereals by promoting secondary Argentine exports (e.g., beef, dairy) to Indonesia, leveraging existing trade channels.
• Monitor Consumer Goods Tariffs: Importers of Indonesian footwear (HS Code 64) must track potential policy changes that could affect costs, exploring alternative suppliers in ASEAN if necessary.

Frequently Asked Questions

How did Argentina - Indonesia trade perform in 2024 Q1?

Argentina's exports to Indonesia totaled $561.42M in Q1 2024, showing volatile YoY growth, while imports from Indonesia fell to $61.70M, marking a consistent decline.

What are the top exports from Argentina to Indonesia?

Cereals (HS Code 10) dominate Argentina's exports to Indonesia, accounting for 88.41% of total shipments.

What does Argentina import from Indonesia?

Argentina primarily imports footwear (HS Code 64) from Indonesia, which makes up 29.15% of total imports, along with other manufactured goods like rubber products and machinery.

What is the trade balance between Argentina and Indonesia?

Argentina recorded a trade surplus of $499.72M with Indonesia in Q1 2024, as exports far exceeded imports by nearly 9x.