Argentina - Mainland China Trade 2024 Q1: Deepening Deficit

Key Market Takeaways: Argentina - Mainland China Trade

The bilateral trade relationship between Argentina and Mainland China shows deepening deficits amid weakening demand in Q1 2024.

• $1.3B deficit persists as Argentina’s exports ($1.15B) lag behind Chinese imports ($2.45B), with both sides facing YoY declines.
• Resource-for-Tech exchange: Argentina - Mainland China trade statistics reveal heavy reliance on meat/grain exports (65% concentration) to fund high-tech machinery imports (HS 85, 84).
• Asymmetric interdependence: Argentina’s commodity-driven exports reinforce China’s strategic position as a supplier of critical manufactured goods.

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

Argentina-Mainland China Trade Trend in Q1 2024

Argentina Export Performance: Shipments to Mainland China

• Total Volume: $1.15B in Q1 2024.
• Growth Trend & Context:
  • YoY decline deepened from +10.67% in January to -21.38% in March, signaling weakening demand or competitiveness.
• Key Volatility: January saw a 38.04% MoM surge, followed by consecutive drops (-13.53% in February, -19.07% in March).

Argentina Import Performance: Sourcing from Mainland China

• Total Volume: $2.45B in Q1 2024.
• Growth Trend & Context:
  • Persistent YoY contractions (-11.56% in January to -34.86% in March), suggesting reduced import reliance or domestic economic constraints.
• Key Volatility: January imports spiked 29.03% MoM before plummeting -27.9% in February.

Argentina - Mainland China Trade Balance & Market Dynamics

• Net Position: $1.30B trade deficit (Imports exceeded exports).
• Relationship Status: Argentina remains heavily dependent on Chinese imports, with exports failing to offset the gap amid broader demand slowdowns.

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

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

Get Historical Argentina Mainland China Trade Records

Argentina-Mainland China Top Trading Products in Q1 2024

Argentina Export Profile: What Does Argentina Sell to Mainland China

• Top Commodity: Rank #1 Export is HS 02 (Meat and edible meat offal) at 38.78% of total exports.
• Demand Driver: Mainland China uses these for industrial processing and to serve its consumer market.
• Concentration: The trade is highly concentrated, with the top two categories (HS 02 and HS 10) accounting for 65.01% of exports.

Argentina Import Profile: What Does Argentina Buy from Mainland China

• Top Commodity: Rank #1 Import is HS 85 (Electrical machinery and equipment) at 23.77% of total imports.
• Dependency Nature: Critical technology dependency, as imports are dominated by high-tech and machinery (HS 85, 84, 29).

Argentina - Mainland China Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina exports raw materials (meat, grains) and imports high-tech goods (machinery, chemicals).
• Value Chain Position: Mainland China holds the higher value-add position, exporting complex manufactured goods, while Argentina supplies primary commodities.

Import Analysis by Product: Mainland China to Argentina (Source: yTrade)

Export Analysis by Product: Argentina to Mainland China (Source: yTrade)

Check Detailed Argentina-Mainland China Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Argentina - Mainland China trade relationship faces near-term headwinds, with exports and imports both contracting sharply in Q1 2024. Given the deepening YoY declines and volatile monthly swings, Q2 is likely to see continued pressure, particularly in Argentina’s key meat and grain exports due to weakening Chinese demand. However, the structural complementarity—Argentina’s raw materials for China’s high-tech goods—suggests long-term resilience if Argentina can stabilize supply chains and secure stable pricing. Traders should prepare for a period of consolidation before potential recovery in H2 2024.

Strategic Moves

• Diversify Export Markets: Argentina’s overreliance on China for meat and grain exports leaves it vulnerable to demand shocks. Exporters must aggressively target alternative markets in Southeast Asia and the Middle East to mitigate risk.
• Lock in Long-Term Tech Contracts: With China dominating high-tech imports (HS 85, 84), Argentine importers should negotiate multi-year supply agreements to hedge against price volatility and ensure stable access to critical machinery.
• Boost Value-Add Exports: Argentina must reduce its reliance on low-margin commodity exports by investing in processing capabilities for meat and grains, enabling higher-value shipments to China and beyond.

Frequently Asked Questions

How did Argentina - Mainland China trade perform in 2024 Q1?

Argentina recorded a $1.30B trade deficit with Mainland China in Q1 2024, with exports totaling $1.15B and imports at $2.45B, both showing YoY declines.

What are the top exports from Argentina to Mainland China?

The top exports are HS 02 (Meat and edible meat offal) and HS 10 (Cereals), accounting for 65.01% of Argentina’s total exports to Mainland China.

What does Argentina import from Mainland China?

Argentina’s top imports are HS 85 (Electrical machinery and equipment), HS 84 (Machinery), and HS 29 (Chemicals), reflecting a reliance on high-tech and industrial goods.

What is the trade balance between Argentina and Mainland China?

Argentina faced a $1.30B trade deficit with Mainland China in Q1 2024, driven by higher imports of machinery and tech goods compared to exports of raw materials.