Argentina - Mexico Trade 2023 Q2: Deficit & Tech Imbalance

Key Market Takeaways: Argentina - Mexico Trade

The bilateral trade relationship between Argentina and Mexico reflects a structural deficit with volatile demand shifts in Q2 2023.

• Economic Pulse: Argentina posted a $188.78M trade deficit, with imports ($390.77M) dwarfing exports ($201.99M). YoY declines in exports (-54.86% in May) contrasted with partial import recovery (+0.15% in June).
• Exchange Structure: Argentina - Mexico trade statistics reveal a resource-for-tech dynamic: agricultural goods (HS 15, 22) and pharmaceuticals (HS 30) flow north, while vehicles (HS 87) and machinery (HS 84, 85) dominate southbound shipments.
• Strategic Interdependence: Complementary but imbalanced—Mexico holds the high-value manufacturing edge, while Argentina’s export concentration (57.22% in HS 99) signals vulnerability.

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

Argentina-Mexico Trade Trend in Q2 2023

Argentina Export Performance: Shipments to Mexico

• Total Volume: $201.99M in Q2 2023.
• Growth Trend & Context: YoY declines persisted across all months, with May (-54.86%) and June (-14.45%) showing severe contractions. No trade policy shifts were reported to explain the slump.
• Key Volatility: June saw a 27.72% MoM rebound after May’s -13.13% drop, suggesting erratic demand or inventory adjustments.

Argentina Import Performance: Sourcing from Mexico

• Total Volume: $390.77M in Q2 2023.
• Growth Trend & Context: YoY imports plummeted by -37.67% in April but nearly stabilized by June (+0.15%). The lack of news implies internal demand shifts or currency pressures drove the volatility.
• Key Volatility: May’s 21.95% MoM surge contrasted sharply with April’s -13.07% dip, highlighting unstable procurement patterns.

Argentina - Mexico Trade Balance & Market Dynamics

• Net Position: Argentina ran a trade deficit of -$188.78M (Imports exceeded exports).
• Relationship Status: Heavy reliance on Mexican imports, with exports failing to offset despite June’s minor YoY recovery. The deficit suggests structural trade dependency.

Argentina Import Trend from Mexico 2023 Q2 (Source: yTrade)**

Argentina Export Trend to Mexico 2023 Q2 (Source: yTrade)**

Get Historical Argentina Mexico Trade Records

Argentina-Mexico Top Trading Products in Q2 2023

Argentina Export Profile: What Does Argentina Sell to Mexico

• Top Commodity: HS Code 99 dominates with 57.22% share. This is likely services or unclassified goods, indicating a non-traditional export focus.
• Demand Driver: Mexico imports agricultural products (HS 15, 22, 08, 10) for food processing and consumer markets. HS 30 (pharmaceuticals) suggests healthcare sector demand.
• Concentration: Extreme—HS 99 alone accounts for over half of exports, signaling reliance on a single category.

Argentina Import Profile: What Does Argentina Buy from Mexico

• Top Commodity: HS Code 87 (vehicles) leads with 29.92% share, followed by machinery (HS 84, 85) at 31.73% combined.
• Dependency Nature: Heavy imports of vehicles and industrial machinery (HS 84, 85, 90) reflect critical technology and manufacturing dependencies.

Argentina - Mexico Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina exports agricultural goods (HS 15, 22, 08) and imports high-value industrial products (HS 87, 84, 85).
• Value Chain Position: Mexico holds the higher value-add position, supplying advanced manufactured goods, while Argentina provides raw materials and intermediate products.

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 Q3 2023, driven by structural dependencies on Mexican industrial goods (HS 87, 84, 85) and erratic export performance. The June rebound in exports (+0.15% YoY) suggests tentative stabilization, but extreme concentration in HS 99 (57.22% share) leaves Argentina vulnerable to demand shocks. Without policy intervention or diversification, the Argentina-Mexico trade forecast points to continued volatility, with imports outpacing exports due to entrenched complementarity (resource-for-tech).

Strategic Moves

• Diversify Export Basket: Argentine exporters must reduce reliance on HS 99 by targeting Mexico’s demand for agricultural goods (HS 15, 22, 08) and pharmaceuticals (HS 30). Trade promotion agencies should prioritize sector-specific trade missions.
• Lock in Long-Term Supply Contracts: Importers of Mexican vehicles and machinery (HS 87, 84) should secure fixed-price agreements to hedge against currency fluctuations and supply chain disruptions.
• Leverage Regional Trade Pacts: Both nations should accelerate negotiations under existing Latin American trade frameworks (e.g., Pacific Alliance associate status) to reduce tariffs on high-value industrial imports and stabilize trade flows.

Frequently Asked Questions

How did Argentina - Mexico trade perform in 2023 Q2?

Argentina's exports to Mexico totaled $201.99M, with persistent YoY declines, while imports from Mexico reached $390.77M, showing volatile demand shifts. The trade deficit stood at -$188.78M.

What are the top exports from Argentina to Mexico?

Argentina's top export to Mexico is HS Code 99 (unclassified goods/services), accounting for 57.22% of exports. Other key exports include agricultural products (HS 15, 22, 08, 10) and pharmaceuticals (HS 30).

What does Argentina import from Mexico?

Argentina primarily imports vehicles (HS 87, 29.92%) and machinery (HS 84, 85, 31.73% combined) from Mexico, reflecting a reliance on industrial and technological goods.

What is the trade balance between Argentina and Mexico?

Argentina recorded a trade deficit of -$188.78M with Mexico in Q2 2023, driven by higher imports of industrial goods compared to exports of agricultural and unclassified products.