Argentina - Mexico Trade 2024 Q2: Widening Deficit
Key Market Takeaways: Argentina - Mexico Trade
The bilateral trade relationship between Argentina and Mexico shows mixed growth with volatile demand and a widening trade deficit in Q2 2024.
- Economic Pulse: Argentina posted a $131.51M trade deficit with Mexico, driven by $353.63M in imports (YoY declines) versus $222.12M in exports (erratic YoY swings).
- Exchange Structure: Argentina - Mexico trade statistics reveal a resource-for-tech imbalance—Argentina’s exports are hyper-concentrated in a single consumer good (HS 99, 66.43% share), while imports are dominated by Mexican vehicles (HS 87) and machinery (HS 84-85).
- Strategic Interdependence: Mexico holds the higher value-add position, supplying critical manufactured goods, while Argentina’s export profile lacks diversification.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Argentina-Mexico Trade Trend in Q2 2024
Argentina Export Performance: Shipments to Mexico
- Total Volume: $222.12M in Q2 2024.
- Growth Trend & Context: Mixed YoY performance—April (+10.15%) and May (+41.05%) growth offset by June’s sharp decline (-14.54%). No news to contextualize volatility.
- Key Volatility: May saw an 11.24% MoM surge, while June dropped 22.62% MoM, reflecting erratic demand or supply chain disruptions.
Argentina Import Performance: Sourcing from Mexico
- Total Volume: $353.63M in Q2 2024.
- Growth Trend & Context: Consistent YoY declines: April (-7.49%), May (-2.73%), June (-19.44%), suggesting reduced Argentine demand or competitive substitution.
- Key Volatility: May imports spiked 28.22% MoM, but June plummeted 29.74% MoM—potential inventory adjustments or seasonal lulls.
Argentina - Mexico Trade Balance & Market Dynamics
- Net Position: Trade deficit of $131.51M (Imports exceed exports).
- Relationship Status: Argentina remains a net importer from Mexico, with widening deficits driven by weaker export recovery and sustained import reliance.
Argentina Import Trend from Mexico 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 111.10M | -13.49% | -7.49% |
| May | 142.45M | 28.22% | -2.73% |
| Jun | 100.09M | -29.74% | -19.44% |
| Total | 353.63M | - | - |
Argentina Export Trend to Mexico 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 74.70M | -30.51% | 10.15% |
| May | 83.10M | 11.24% | 41.05% |
| Jun | 64.31M | -22.62% | -14.54% |
| Total | 222.12M | - | - |
Get Historical Argentina Mexico Trade Records
Argentina-Mexico Top Trading Products in Q2 2024
Argentina Export Profile: What Does Argentina Sell to Mexico
- Top Commodity: HS Code 99 dominates exports, accounting for 66.43% of total value.
- Demand Driver: Likely serving Mexico’s consumer market, given the high share of a single category.
- Concentration: Extreme reliance on one code (66.43%), indicating minimal diversification.
Argentina Import Profile: What Does Argentina Buy from Mexico
- Top Commodity: HS Code 87 (vehicles) leads imports at 31.07% of total value.
- Dependency Nature: Critical technology dependency, as machinery (HS 84, 85) and vehicles (HS 87) comprise over 60% of imports.
Argentina - Mexico Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Argentina exports a concentrated consumer good (HS 99) while importing high-value machinery and vehicles.
- Value Chain Position: Mexico holds the higher value-add position, supplying complex manufactured goods (HS 84-90) versus Argentina’s bulk consumer export (HS 99).
Import Analysis by Product: Mexico to Argentina (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 109.87M | 31.07% |
| 84 | 56.29M | 15.92% |
| 85 | 48.28M | 13.65% |
| 90 | 33.38M | 9.44% |
| 29 | 20.77M | 5.87% |
| 33 | 16.42M | 4.64% |
| 39 | 13.65M | 3.86% |
| 73 | 11.25M | 3.18% |
| 34 | 4.06M | 1.15% |
| 38 | 3.81M | 1.08% |
Export Analysis by Product: Argentina to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 147.55M | 66.43% |
| 02 | 12.00M | 5.40% |
| 30 | 8.82M | 3.97% |
| 08 | 8.56M | 3.85% |
| 84 | 7.81M | 3.52% |
| 22 | 6.28M | 2.83% |
| 29 | 4.82M | 2.17% |
| 15 | 4.18M | 1.88% |
| 12 | 3.55M | 1.60% |
| 07 | 3.50M | 1.58% |
Check Detailed Argentina-Mexico Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Argentina’s trade with Mexico in Q3 2024 is likely to remain volatile, with exports facing erratic demand and imports continuing their downward trend. The widening trade deficit suggests structural imbalances, as Argentina’s over-reliance on a single export (HS 99) leaves it vulnerable to market shocks, while Mexico’s dominance in high-value machinery and vehicles reinforces its competitive edge. Without diversification or policy intervention, Argentina’s trade deficit with Mexico could deepen further. Traders should brace for uneven performance, with potential short-term rebounds in exports offset by sustained import pressures.
Strategic Moves
- Diversify Export Basket: Argentine exporters must reduce dependence on HS 99 by identifying and developing secondary high-demand products for the Mexican market, such as agricultural processed goods or niche manufacturing components.
- Secure Long-Term Tech Supply Contracts: Importers should lock in favorable terms for critical machinery (HS 84-87) now, as Mexico’s industrial output may face future pricing pressures from global supply chain shifts.
- Optimize Inventory for Seasonal Swings: Given the erratic MoM fluctuations in both exports and imports, traders should adopt dynamic inventory strategies to avoid overstocking during demand troughs and capitalize on sudden spikes.
Frequently Asked Questions
How did Argentina - Mexico trade perform in 2024 Q2?
Argentina's exports to Mexico totaled $222.12M, with mixed YoY growth, while imports from Mexico reached $353.63M, showing consistent YoY declines.
What are the top exports from Argentina to Mexico?
Argentina's top export to Mexico is HS Code 99, accounting for 66.43% of total export value, indicating high concentration in a single category.
What does Argentina import from Mexico?
Argentina primarily imports vehicles (HS Code 87) and machinery (HS Codes 84-85) from Mexico, with these categories comprising over 60% of total import value.
What is the trade balance between Argentina and Mexico?
Argentina recorded a trade deficit of $131.51M with Mexico in Q2 2024, driven by higher imports and weaker export recovery.
Argentina - Mexico Trade 2024 Q1: Volatile Growth
Argentina's trade deficit with Mexico hit $142M in Q1 2024, with volatile swings. Discover Argentina Mexico trade trends and top trading products via yTrade data.
Argentina - Mexico Trade 2024 Q3: Deficit & Tech Dependence
Argentina's trade deficit with Mexico hits $109.29M in 2024 Q3, driven by tech imports. Explore Argentina Mexico trade trends and top trading products via yTrade data.
