Argentina - Mexico Trade 2024 Q1: Volatile Growth

Key Market Takeaways: Argentina - Mexico Trade

The bilateral trade relationship between Argentina and Mexico shows growth with high volatility in Q1 2024.

• Economic Pulse: Argentina ran a $142M trade deficit with Mexico, importing 66.5% more than it exported. Volatile monthly swings—like March’s 130.82% export surge—highlight unstable demand.
• Exchange Structure: Argentina - Mexico trade statistics reveal a resource-for-tech dynamic: Argentina’s exports are hyper-concentrated in HS Code 99 (61.83% share), while Mexico dominates with vehicles (HS Code 87, 30.51% of imports).
• Strategic Interdependence: Complementary but unequal—Mexico supplies high-value manufactured goods, while Argentina’s exports suggest raw or intermediate inputs.

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

Argentina-Mexico Trade Trend in Q1 2024

Argentina Export Performance: Shipments to Mexico

• Total Volume: $213.91M in Q1 2024.
• Growth Trend & Context:
  • Mixed YoY performance: January saw a slight 1.49% increase, but February dropped 14.3%, followed by a sharp 56.39% rebound in March.
  • Key Volatility: March exports surged 130.82% MoM, the highest monthly growth in the quarter.

Argentina Import Performance: Sourcing from Mexico

• Total Volume: $356.09M in Q1 2024.
• Growth Trend & Context:
  • Volatile YoY trends: January imports fell 14.9%, February rose 10.37%, and March declined 7.05%.
  • Key Volatility: January had the highest MoM jump (31.09%), while March imports grew 11.07% MoM.

Argentina - Mexico Trade Balance & Market Dynamics

• Net Position: Trade deficit of $142.18M (Imports exceeded exports).
• Relationship Status: Argentina remains a net importer from Mexico, with imports 66.5% higher than exports in Q1.

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

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

Get Historical Argentina Mexico Trade Records

Argentina-Mexico Top Trading Products in Q1 2024

Argentina Export Profile: What Does Argentina Sell to Mexico

• Top Commodity: HS Code 99 dominates exports to Mexico, accounting for 61.83% of total export value.
• Demand Driver: The high share suggests Mexico relies on Argentina for a specific, likely industrial or agricultural, input.
• Concentration: Extreme reliance on one category (HS Code 99 at 61.83%), indicating a narrow export profile.

Argentina Import Profile: What Does Argentina Buy from Mexico

• Top Commodity: HS Code 87 (vehicles and parts) leads imports, making up 30.51% of total import value.
• Dependency Nature: Heavy imports of vehicles and machinery (HS Codes 87, 84, 85) point to a critical technology and manufacturing dependency.

Argentina - Mexico Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina exports a concentrated, likely resource-based product (HS Code 99) while importing high-value machinery and vehicles from Mexico.
• Value Chain Position: Mexico holds the higher value-add position, supplying advanced manufactured goods, while Argentina’s exports suggest a raw or intermediate goods focus.

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 for Argentina-Mexico Trade

Argentina’s trade with Mexico is expected to remain volatile in Q2 2024, with exports likely to sustain their March rebound due to strong demand for HS Code 99 products. However, the persistent trade deficit—driven by heavy imports of Mexican vehicles and machinery—will pressure Argentina’s balance sheet unless export diversification accelerates. The resource-for-tech exchange model will deepen, but exporters must act swiftly to capitalize on Mexico’s reliance on Argentine inputs before competition intensifies.

Strategic Moves for Traders & Policymakers

• Lock in Long-Term Contracts: Argentine exporters of HS Code 99 goods should secure multi-year agreements with Mexican buyers to stabilize revenue and mitigate price swings.
• Diversify Export Basket: Reduce reliance on a single commodity by incentivizing shipments of secondary products (e.g., processed foods or chemicals) to Mexico.
• Optimize Import Substitution: Argentine manufacturers should target high-growth sectors like automotive parts (HS Code 87) to reduce dependency on Mexican machinery and narrow the trade gap.

Frequently Asked Questions

How did Argentina - Mexico trade perform in 2024 Q1?

Argentina exported $213.91M to Mexico, with mixed YoY growth, while imports totaled $356.09M, showing volatile trends. The trade deficit stood at $142.18M.

What are the top exports from Argentina to Mexico?

HS Code 99 dominates Argentina’s exports to Mexico, accounting for 61.83% of total export value, likely representing a specific industrial or agricultural input.

What does Argentina import from Mexico?

Argentina’s top imports from Mexico are vehicles and parts (HS Code 87, 30.51% of total import value), alongside machinery (HS Codes 84, 85), reflecting a technology dependency.

What is the trade balance between Argentina and Mexico?

Argentina recorded a trade deficit of $142.18M with Mexico in Q1 2024, with imports 66.5% higher than exports.