Argentina - Peru Trade 2023 Q3: Surplus Amid Declines

Key Market Takeaways: Argentina - Peru Trade

The bilateral trade relationship between Argentina and Peru remains heavily skewed in Argentina's favor, with a persistent trade surplus amid declining volumes in Q3 2023.

• Economic Pulse: Argentina holds a $446.34M trade surplus (exports: $515.86M, imports: $69.52M), but both sides saw sharp YoY declines, signaling weakened demand or supply disruptions.
• Exchange Structure: Argentina - Peru trade statistics reveal a resource-for-resource complementarity—Argentina dominates with cereals (35.56% of exports) while importing Peruvian ores (20.79%) and metals for industrial use.
• Strategic Interdependence: The partnership is asymmetric but stable, built on raw material exchange with minimal value-add from either side.

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

Argentina-Peru Trade Trend in Q3 2023

Argentina Export Performance: Shipments to Peru

• Total Volume: $515.86M in Q3 2023.
• Growth Trend & Context: YoY decline persisted across all months, with August (-27.54%) seeing the sharpest drop. No trade policy shifts were reported to explain the contraction.
• Key Volatility: July had a 23.95% MoM surge, but August reversed sharply with a -22.54% drop.

Argentina Import Performance: Sourcing from Peru

• Total Volume: $69.52M in Q3 2023.
• Growth Trend & Context: YoY declines were severe, especially in July (-54.8%), indicating reduced demand or supply constraints. No news context provided.
• Key Volatility: August imports fell -10.33% MoM, the lowest point in the quarter.

Argentina - Peru Trade Balance & Market Dynamics

• Net Position: Argentina holds a trade surplus of $446.34M (Exports: $515.86M vs. Imports: $69.52M).
• Relationship Status: Argentina is a dominant net exporter to Peru, with exports exceeding imports by over 7x. The imbalance suggests asymmetric trade reliance.

Argentina Import Trend from Peru 2023 Q3 (Source: yTrade)**

Argentina Export Trend to Peru 2023 Q3 (Source: yTrade)**

Get Historical Argentina Peru Trade Records

Argentina-Peru Top Trading Products in Q3 2023

Argentina Export Profile: What Does Argentina Sell to Peru

• Top Commodity: Cereals (HS Code 10) dominate exports, accounting for 35.56% of total value.
• Demand Driver: Peru relies on Argentine cereals for food security and industrial processing (e.g., flour production).
• Concentration: The top 3 exports (HS Codes 10, 99, 87) make up 85.91% of trade, indicating high reliance on a narrow basket of goods.

Argentina Import Profile: What Does Argentina Buy from Peru

• Top Commodity: Ores (HS Code 25) lead imports, representing 20.79% of total value.
• Dependency Nature: Argentina sources raw materials like copper ores (HS Code 25) and base metals (HS Code 74) from Peru for industrial production.

Argentina - Peru Trade Relationship Dynamics

• The Exchange Model: Resource-for-Resource Complementarity. Argentina exports agricultural products (cereals) while importing Peruvian minerals and metals.
• Value Chain Position: Peru holds a slight edge in value-add with processed metals (HS Code 74), but both sides trade primarily raw or semi-processed goods.

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 for Argentina-Peru Trade

The Argentina-Peru trade relationship is likely to face continued volatility in the near term, driven by Argentina’s declining export performance and Peru’s weakening import demand. The persistent YoY contraction in both exports (-27.54% in August) and imports (-54.8% in July) suggests structural pressures, possibly tied to macroeconomic instability or shifting supply chain priorities. However, the complementary nature of trade—Argentina’s cereals for Peru’s minerals—provides a foundation for recovery if both nations stabilize domestic conditions. Traders should prepare for a period of consolidation before potential rebound opportunities emerge in 2024.

Strategic Moves for Traders & Policymakers

• Diversify Export Markets for Cereals: Argentine exporters must reduce reliance on Peru by targeting other Latin American or Asian markets with growing food security needs, mitigating risk from demand fluctuations.
• Lock in Long-Term Ore Supply Contracts: Argentine industrial buyers should secure fixed-price agreements for Peruvian ores (HS Code 25) to hedge against future raw material shortages or price spikes.
• Invest in Trade Facilitation Infrastructure: Both governments should prioritize port efficiency and customs modernization to reduce logistics costs, which could revive trade volumes amid current declines.

Frequently Asked Questions

How did Argentina - Peru trade perform in 2023 Q3?

Argentina's exports to Peru totaled $515.86M, showing a YoY decline, while imports from Peru fell to $69.52M, marking a severe YoY drop.

What are the top exports from Argentina to Peru?

Cereals (HS Code 10) dominate Argentina's exports to Peru, accounting for 35.56% of total value, followed by HS Codes 99 and 87.

What does Argentina import from Peru?

Argentina primarily imports ores (HS Code 25) and base metals (HS Code 74) from Peru, with ores representing 20.79% of total import value.

What is the trade balance between Argentina and Peru?

Argentina holds a trade surplus of $446.34M with Peru, as exports exceed imports by over 7x, indicating asymmetric trade reliance.