Argentina - Peru Trade 2023 Q1: Surplus & Volatility

Key Market Takeaways: Argentina - Peru Trade

The bilateral trade relationship between Argentina and Peru is marked by Argentina's dominant export position and volatile growth in Q1 2023.

• Economic Pulse: Argentina holds a $758.57M trade surplus, with exports ($808.73M) far outpacing imports ($50.16M). While exports showed strong YoY growth early in the quarter, imports from Peru faced persistent declines.
• Exchange Structure: Argentina - Peru trade statistics reveal a resource-for-resource complementarity. Argentina exports industrial raw materials (e.g., HS Code 99) and agricultural goods, while Peru supplies minerals (e.g., HS Code 25) and ores.
• Strategic Interdependence: The relationship is highly concentrated, with Argentina’s top 3 exports accounting for 74.71% of total trade, indicating a narrow but critical dependency.

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

Argentina-Peru Trade Trend in Q1 2023

Argentina Export Performance: Shipments to Peru

• Total Volume: $808.73M in Q1 2023.
• Growth Trend & Context:
  • Strong YoY growth in January (+23.82%) and February (+57.07%), though March slowed to +13.38%.
  • February’s 63.42% MoM surge was the quarter’s peak volatility.
• Key Volatility: February’s exports spiked to $314.42M, then dipped slightly in March (-3.98% MoM).

Argentina Import Performance: Sourcing from Peru

• Total Volume: $50.16M in Q1 2023.
• Growth Trend & Context:
  • Persistent YoY declines: January (-24.83%), February (-16.54%), March (-15.82%).
• Key Volatility: March saw the highest import value ($19.49M, +64.15% MoM), rebounding from February’s 36.82% drop.

Argentina - Peru Trade Balance & Market Dynamics

• Net Position: Trade surplus of $758.57M (Exports $808.73M vs. Imports $50.16M).
• Relationship Status: Argentina dominates as a net exporter, with exports 16x higher than imports. Demand for Peruvian goods remains subdued (YoY declines).

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

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

Get Historical Argentina Peru Trade Records

Argentina-Peru Top Trading Products in Q1 2023

Argentina Export Profile: What Does Argentina Sell to Peru

• Top Commodity: HS Code 99 dominates exports with a 40.77% share, valued at $329.76M.
• Demand Driver: Peru likely imports these goods for industrial processing, given the high share of raw materials/intermediates (e.g., HS Codes 10, 15, 23).
• Concentration: The trade is highly concentrated, with the top 3 exports (HS Codes 99, 10, 15) accounting for 74.71% of total exports.

Argentina Import Profile: What Does Argentina Buy from Peru

• Top Commodity: HS Code 25 (Salt, sulfur, earths, stone, etc.) leads imports with a 17.55% share ($8.80M).
• Dependency Nature: Argentina relies on Peru for raw materials (e.g., ores in HS Code 26, agricultural products in HS Code 12), indicating a resource dependency.

Argentina - Peru Trade Relationship Dynamics

• The Exchange Model: Resource-for-Resource Complementarity. Argentina exports agricultural and industrial raw materials (HS Codes 99, 10, 15) while importing minerals and agricultural goods from Peru.
• Value Chain Position: Argentina holds a slightly higher value-add position, exporting processed goods (HS Code 87: vehicles) alongside raw materials, while Peru’s exports are predominantly unprocessed (HS Codes 25, 74).

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

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

Check Detailed Argentina-Peru Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Argentina’s trade surplus with Peru is expected to widen further in Q2 2023, driven by sustained demand for Argentine raw materials and industrial intermediates. The strong YoY export growth in Q1—despite March’s moderation—signals resilient demand, particularly for HS Code 99 goods. However, Argentina’s declining imports from Peru (-15% to -25% YoY) suggest a structural shift, possibly due to reduced reliance on Peruvian minerals or competitive substitution. Traders should anticipate volatility in monthly flows but expect the overall Argentina - Peru trade forecast to remain bullish for exporters, barring external shocks like policy shifts or commodity price swings.

Strategic Moves

• Lock in Long-Term Supply Contracts: With Peru’s exports to Argentina in decline, Argentine importers should secure fixed-price agreements for critical raw materials (e.g., HS Code 25, 26) before potential supply tightness or price rebounds.
• Diversify Export Markets for Key Commodities: Peru’s heavy reliance on Argentina’s HS Code 99 (40.77% of exports) exposes traders to demand shocks. Argentine exporters must explore new markets in the Andean region or Southeast Asia to mitigate over-dependence.
• Invest in Logistics for High-Value Processed Goods: Argentina’s competitive edge in semi-processed exports (e.g., HS Code 87 vehicles) warrants targeted infrastructure upgrades—such as port efficiency or cross-border customs tech—to capitalize on Peru’s growing industrial demand.

Frequently Asked Questions

How did Argentina - Peru trade perform in 2023 Q1?

Argentina’s exports to Peru grew YoY, reaching $808.73M, while imports from Peru declined YoY to $50.16M, resulting in a strong trade surplus.

What are the top exports from Argentina to Peru?

HS Code 99 (40.77% share) dominates, followed by HS Codes 10 and 15, collectively accounting for 74.71% of total exports, primarily raw materials and intermediates.

What does Argentina import from Peru?

Argentina’s top imports include HS Code 25 (salt, sulfur, earths, stone) and HS Code 26 (ores), reflecting a reliance on Peruvian raw materials.

What is the trade balance between Argentina and Peru?

Argentina recorded a trade surplus of $758.57M, with exports 16x higher than imports, indicating a dominant net exporter position.