Argentina - Italy Trade 2024 Q1: Deficit-Driven Exchange
Key Market Takeaways: Argentina - Italy Trade
The bilateral trade relationship between Argentina and Italy shows mixed growth with volatile swings in Q1 2024.
- Deficit-Driven Trade: Argentina posted a $139.24M trade deficit with Italy, as imports ($344.68M) outweighed exports ($205.44M). March exports surged 62.19% YoY, but import declines (-41.7% YoY) signal demand shifts.
- Resource-for-Tech Exchange: Argentina - Italy trade statistics reveal a lopsided structure: Argentina supplies agricultural goods (animal feed, fish, meat) while relying on Italian machinery (35.71% share) and pharmaceuticals.
- Asymmetric Complementarity: Italy holds the high-value position in this partnership, with Argentina dependent on its industrial exports for critical sectors.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Argentina-Italy Trade Trend in Q1 2024
Argentina Export Performance: Shipments to Italy
- Total Volume: $205.44M in Q1 2024.
- Growth Trend & Context:
- Mixed YoY performance: January (-10.6%) contraction reversed sharply by March (+62.19%), signaling a rebound.
- Key Volatility: January saw a 177.24% MoM surge, likely due to pent-up demand or one-off shipments, followed by a -12.71% correction in February.
Argentina Import Performance: Sourcing from Italy
- Total Volume: $344.68M in Q1 2024.
- Growth Trend & Context:
- Steep YoY declines: March imports plummeted -41.7% YoY, dragging the quarter into negative territory (-14.25% in February).
- Key Volatility: January’s 23.43% MoM spike was offset by a -32.9% drop in February, suggesting volatile demand or inventory adjustments.
Argentina - Italy Trade Balance & Market Dynamics
- Net Position: Trade deficit of $139.24M (Imports exceeded exports).
- Relationship Status: Argentina remains a net importer from Italy, with import reliance outweighing export recovery despite March’s export surge.
Argentina Import Trend from Italy 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 154.65M | 23.43% | 7.4% |
| Feb | 103.77M | -32.9% | -14.25% |
| Mar | 86.26M | -16.87% | -41.7% |
| Total | 344.68M | - | - |
Argentina Export Trend to Italy 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 69.92M | 177.24% | -10.6% |
| Feb | 61.03M | -12.71% | 27.55% |
| Mar | 74.49M | 22.04% | 62.19% |
| Total | 205.44M | - | - |
Get Historical Argentina Italy Trade Records
Argentina-Italy Top Trading Products in Q1 2024
Argentina Export Profile: What Does Argentina Sell to Italy
- Top Commodity: HS Code 99 (44.40% share). This likely represents unclassified or special category goods, indicating a dominant but ambiguous export.
- Demand Driver: HS Codes 23 (animal feed), 03 (fish), 02 (meat), and 08 (edible fruits) suggest Italy sources raw agricultural products from Argentina for food processing and consumer markets.
- Concentration: The top export (HS 99) holds 44.4% share, signaling high reliance on a single category.
Argentina Import Profile: What Does Argentina Buy from Italy
- Top Commodity: HS Code 84 (machinery/mechanical appliances) dominates at 35.71%, reflecting Italy’s industrial exports.
- Dependency Nature: Imports are heavily skewed toward machinery (HS 84), electrical equipment (HS 85), and pharmaceuticals (HS 30), indicating critical technology dependency for Argentina’s industrial and medical sectors.
Argentina - Italy Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Argentina exports agricultural raw materials (HS 23, 03, 02) to Italy, while importing high-value machinery and pharmaceuticals.
- Value Chain Position: Italy holds the higher value-add position, supplying advanced manufactured goods, while Argentina remains a supplier of primary commodities.
Import Analysis by Product: Italy to Argentina (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 123.08M | 35.71% |
| 30 | 39.74M | 11.53% |
| 27 | 36.65M | 10.63% |
| 85 | 26.85M | 7.79% |
| 29 | 13.67M | 3.97% |
| 90 | 13.21M | 3.83% |
| 87 | 13.13M | 3.81% |
| 73 | 12.28M | 3.56% |
| 39 | 11.17M | 3.24% |
| 38 | 6.13M | 1.78% |
Export Analysis by Product: Argentina to Italy (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 91.22M | 44.40% |
| 23 | 48.56M | 23.64% |
| 03 | 18.16M | 8.84% |
| 02 | 11.62M | 5.66% |
| 08 | 10.81M | 5.26% |
| 07 | 10.61M | 5.16% |
| 12 | 7.70M | 3.75% |
| 51 | 2.34M | 1.14% |
| 20 | 1.18M | 0.58% |
| 38 | 838.99K | 0.41% |
Check Detailed Argentina-Italy Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Argentina-Italy trade relationship is poised for volatility in the near term, with exports showing signs of recovery but imports facing sustained pressure. The March 2024 export surge (+62.19% YoY) suggests Argentina can capitalize on Italy’s demand for agricultural commodities, but the steep decline in Italian machinery and pharmaceutical imports (-41.7% YoY) signals weakening industrial demand or supply chain bottlenecks. Given the structural imbalance—Argentina’s reliance on high-value Italian imports versus its commodity-driven exports—the trade deficit is likely to persist unless export diversification accelerates. Traders should prepare for fluctuating demand, especially in HS Code 99 (unclassified goods), which dominates Argentina’s export basket but lacks transparency.
Strategic Moves
- Diversify Export Markets: Argentina must reduce dependence on HS Code 99 by expanding shipments of HS 23 (animal feed), 03 (fish), and 08 (edible fruits) through targeted marketing and trade agreements.
- Secure Long-Term Tech Contracts: Italian machinery (HS 84) and pharmaceuticals (HS 30) are critical for Argentina’s industrial base. Negotiate multi-year supply deals to mitigate price volatility and ensure stable access.
- Monitor Currency and Tariff Shifts: With Italy’s import demand softening, Argentine exporters should hedge against euro-peso fluctuations and lobby for tariff reductions on key agricultural exports to maintain competitiveness.
Frequently Asked Questions
How did Argentina - Italy trade perform in 2024 Q1?
Argentina exported $205.44M to Italy, with mixed YoY growth, while imports totaled $344.68M, showing steep YoY declines. The trade deficit stood at $139.24M.
What are the top exports from Argentina to Italy?
Argentina’s top exports to Italy include unclassified goods (HS 99, 44.4% share), animal feed (HS 23), fish (HS 03), meat (HS 02), and edible fruits (HS 08).
What does Argentina import from Italy?
Argentina primarily imports machinery (HS 84, 35.71% share), electrical equipment (HS 85), and pharmaceuticals (HS 30) from Italy, reflecting a reliance on industrial and medical technology.
What is the trade balance between Argentina and Italy?
Argentina recorded a trade deficit of $139.24M with Italy in Q1 2024, as imports exceeded exports, maintaining its net importer position.
Argentina - Italy Trade 2024 Whole Year: Narrowing Deficit
Argentina's trade deficit with Italy narrowed in 2024, with $1.08B exports vs. $1.33B imports. Explore Argentina Italy trade trends and top trading products via yTrade data.
Argentina - Italy Trade 2024 Q2: Deficit with Export Surge
Argentina's trade with Italy in Q2 2024 shows a $40.55M deficit despite a 31.89% export surge. Explore Argentina Italy trade trends and top trading products like agricultural byproducts and Italian machinery via yTrade data.
