Argentina - Mexico Trade 2024 Q4: Deficit Widens

Key Market Takeaways: Argentina - Mexico Trade

The bilateral trade relationship between Argentina and Mexico remains heavily skewed toward imports, with Argentina’s exports failing to offset its deficit in Q4 2024.

• Economic Pulse: Argentina posted a $245.88M trade deficit with Mexico ($135.09M exports vs. $380.97M imports), driven by volatile export declines (-50.13% YoY in December) and a late-quarter import rebound (+62.11% YoY).
• 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, 60.94% share), while Mexico dominates with 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 basket lacks diversification, signaling weak bargaining power.

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

Argentina-Mexico Trade Trend in Q4 2024

Argentina Export Performance: Shipments to Mexico

• Total Volume: $135.09M in Q4 2024.
• Growth Trend & Context:
  • YoY declines persisted across all months, with December’s -50.13% drop the sharpest. No mitigating news context.
  • Key Volatility: October’s MoM plunge (-38.02%) marked the steepest monthly contraction.

Argentina Import Performance: Sourcing from Mexico

• Total Volume: $380.97M in Q4 2024.
• Growth Trend & Context:
  • Mixed YoY trends: November (+7.12%) and December (+62.11%) rebounded after October’s -26.87% slump. No news to contextualize shifts.
  • Key Volatility: December’s 62.11% YoY surge was the quarter’s standout, though MoM growth slowed to +6.86%.

Argentina - Mexico Trade Balance & Market Dynamics

• Net Position: Argentina ran a $245.88M trade deficit with Mexico (Exports: $135.09M vs. Imports: $380.97M).
• Relationship Status: Heavy reliance on Mexican imports, with exports failing to offset despite December’s import surge.

Argentina Import Trend from Mexico 2024 Q4 (Source: yTrade)**

Argentina Export Trend to Mexico 2024 Q4 (Source: yTrade)**

Get Historical Argentina Mexico Trade Records

Argentina-Mexico Top Trading Products in Q4 2024

Argentina Export Profile: What Does Argentina Sell to Mexico

• Top Commodity: HS Code 99 dominates exports, accounting for 60.94% of total value.
• Demand Driver: Likely serving Mexico's consumer market, given the high share of a single category.
• Concentration: Extreme concentration, with the top export (HS 99) holding over 60% share.

Argentina Import Profile: What Does Argentina Buy from Mexico

• Top Commodity: HS Code 87 (vehicles) leads imports at 32.66% of total value.
• Dependency Nature: Critical technology dependency, as machinery (HS 84, 85) and vehicles (HS 87) dominate.

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 from Mexico.
• Value Chain Position: Mexico holds the higher value-add position, supplying advanced manufactured goods (HS 84, 85, 87) versus Argentina's less diversified export basket.

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 widen further in early 2025, driven by persistent export declines and sustained demand for Mexican machinery and vehicles. The extreme concentration in Argentina’s export basket (HS 99) leaves it vulnerable to demand shocks, while Mexico’s diversified high-value exports (HS 84, 85, 87) will continue to dominate. Without structural shifts, Argentina’s reliance on Mexican imports will deepen, exacerbating the $245.88M Q4 2024 deficit. Traders should brace for volatility, particularly in consumer goods (HS 99), where YoY drops exceeded 50% in December.

Strategic Moves

• Diversify Export Markets: Argentine exporters must reduce dependence on HS 99 by targeting secondary commodities with higher demand elasticity in Mexico, such as agricultural intermediates (HS 12, 15) or processed foods (HS 16-21).
• Lock in Tech Imports: Importers should negotiate long-term contracts for Mexican vehicles (HS 87) and machinery (HS 84, 85) to hedge against potential price surges from supply chain disruptions.
• Leverage Trade Diplomacy: The Argentine government must push for sector-specific trade agreements to stabilize HS 99 exports and secure preferential tariffs for value-added goods, countering Mexico’s manufacturing advantage.

Frequently Asked Questions

How did Argentina - Mexico trade perform in 2024 Q4?

Argentina’s exports to Mexico fell sharply (-50.13% YoY in December), while imports rebounded (+62.11% YoY). Total trade volume was $135.09M (exports) vs. $380.97M (imports).

What are the top exports from Argentina to Mexico?

HS Code 99 dominates Argentina’s exports to Mexico, accounting for 60.94% of total export value, likely serving Mexico’s consumer market.

What does Argentina import from Mexico?

Argentina primarily imports vehicles (HS Code 87, 32.66%) and machinery (HS Codes 84, 85) from Mexico, reflecting a reliance on advanced manufactured goods.

What is the trade balance between Argentina and Mexico?

Argentina recorded a $245.88M trade deficit with Mexico in Q4 2024, driven by heavy reliance on Mexican imports and weak export performance.