Argentina - Mexico Trade 2023 Q1: Widening Deficit

Key Market Takeaways: Argentina - Mexico Trade

The bilateral trade relationship between Argentina and Mexico shows volatile trade flows with a widening deficit in Q1 2023.

• Economic Pulse: Argentina runs a $192.53M trade deficit with Mexico, importing 2x more ($374.57M) than it exports ($182.04M). YoY declines in exports (-18.66% in March) signal demand softening.
• Exchange Structure: Argentina - Mexico trade statistics reveal a resource-for-tech imbalance—Argentina ships raw materials (HS Code 99, 72% of exports) while importing vehicles (HS 87) and machinery (HS 84, 85) from Mexico.
• Strategic Interdependence: Mexico holds the high-value position, supplying complex goods, while Argentina’s export concentration risks exposure to commodity swings.

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

Argentina-Mexico Trade Trend in Q1 2023

Argentina Export Performance: Shipments to Mexico

• Total Volume: $182.04M in Q1 2023.
• Growth Trend & Context:
  • YoY decline (-0.97% in Jan, -0.02% in Feb, -18.66% in Mar) signals weakening demand or competitive shifts. No news to contextualize.
  • Key Volatility: March saw a 26.48% MoM rebound after two months of contraction.

Argentina Import Performance: Sourcing from Mexico

• Total Volume: $374.57M in Q1 2023.
• Growth Trend & Context:
  • Mixed YoY trends: +36.63% in Jan, -26.34% in Feb, -8.34% in Mar, suggesting volatile supply chains.
  • Key Volatility: February imports plummeted 20.45% MoM, while March rebounded sharply (+31.88%).

Argentina - Mexico Trade Balance & Market Dynamics

• Net Position: Trade deficit of $192.53M (Imports exceed exports).
• Relationship Status: Argentina remains a net importer from Mexico, with imports 2x export volumes. Q1 volatility hints at unstable trade flows.

Argentina Import Trend from Mexico 2023 Q1 (Source: yTrade)**

Argentina Export Trend to Mexico 2023 Q1 (Source: yTrade)**

Get Historical Argentina Mexico Trade Records

Argentina-Mexico Top Trading Products in Q1 2023

Argentina Export Profile: What Does Argentina Sell to Mexico

• Top Commodity: HS Code 99 dominates with 72.29% share (131.60M).
• Demand Driver: Likely raw materials or intermediates for Mexican industrial processing, given the high concentration in a single category.
• Concentration: Extreme—HS Code 99 accounts for over 70% of exports, indicating heavy reliance on one commodity.

Argentina Import Profile: What Does Argentina Buy from Mexico

• Top Commodity: HS Code 87 (vehicles) leads with 25.77% share (96.53M).
• Dependency Nature: Critical technology dependency, as imports include machinery (HS 84, 85) and precision instruments (HS 90).

Argentina - Mexico Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina exports raw materials (HS 99) while importing high-value manufactured goods (HS 87, 84, 85).
• Value Chain Position: Mexico holds the higher value-add position, supplying complex goods (vehicles, machinery) versus Argentina’s concentrated commodity exports.

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

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

Check Detailed Argentina-Mexico Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Argentina’s trade deficit with Mexico is likely to persist in Q2 2023, driven by volatile demand for its commodity-heavy exports (HS 99) and sustained Mexican dominance in high-value manufacturing (HS 87, 84, 85). The March rebound in exports suggests short-term recovery potential, but structural reliance on a single commodity leaves Argentina vulnerable to price swings. Meanwhile, Mexico’s supply chain volatility—evident in February’s import plunge—may continue, requiring Argentine importers to brace for erratic shipments. Without diversification, Argentina’s trade imbalance with Mexico will remain a pressure point.

Strategic Moves

• Diversify Export Mix: Argentine exporters must reduce dependence on HS 99 by targeting secondary sectors (e.g., processed foods, chemicals) where Mexico shows import demand.
• Lock In Long-Term Contracts: Importers of Mexican vehicles and machinery (HS 87, 84) should secure fixed-price agreements to mitigate supply chain disruptions and cost spikes.
• Boost Trade Diplomacy: Argentina’s government should negotiate tariff reductions on value-added exports to Mexico, countering the current resource-for-tech imbalance.

Frequently Asked Questions

How did Argentina - Mexico trade perform in 2023 Q1?

Argentina's exports to Mexico totaled $182.04M, showing a YoY decline, while imports from Mexico reached $374.57M, with mixed YoY trends. The trade deficit stood at $192.53M.

What are the top exports from Argentina to Mexico?

Argentina's top export to Mexico is HS Code 99, accounting for 72.29% of exports, likely raw materials or intermediates for industrial processing.

What does Argentina import from Mexico?

Argentina primarily imports vehicles (HS Code 87, 25.77% share) and machinery (HS Codes 84, 85) from Mexico, reflecting a tech dependency.

What is the trade balance between Argentina and Mexico?

Argentina recorded a trade deficit of $192.53M with Mexico in Q1 2023, with imports exceeding exports by over 2x. Volatility suggests unstable trade flows.