Argentina - South Korea Trade 2023 Q3: $353M Surplus
Key Market Takeaways: Argentina - South Korea Trade
The bilateral trade relationship between Argentina and South Korea remains strongly skewed in Argentina's favor, despite recent export declines in Q3 2023.
- Economic Pulse: Argentina posted a $352.97M trade surplus with South Korea, exporting $516.86M (mostly cereals) while importing $163.89M (primarily machinery). Export volumes fell YoY, but imports showed mixed recovery.
- Exchange Structure: Argentina - South Korea trade statistics reveal a resource-for-tech complementarity—Argentina supplies 70%+ cereals for food security, while South Korea dominates machinery imports (38% share).
- Strategic Interdependence: Highly asymmetric but stable: Argentina relies on Korean tech, while South Korea secures critical agricultural inputs.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Argentina-South Korea Trade Trend in Q3 2023
Argentina Export Performance: Shipments to South Korea
- Total Volume: $516.86M in Q3 2023.
- Growth Trend & Context:
- YoY declines persisted across all months, with July (-54.2%) and August (-27.96%) showing severe contractions. September's drop moderated to -9.29%.
- No specific trade news to explain the downturn.
- Key Volatility: August saw an 89.81% MoM surge, followed by a -9.93% correction in September.
Argentina Import Performance: Sourcing from South Korea
- Total Volume: $163.89M in Q3 2023.
- Growth Trend & Context:
- Mixed YoY performance: August (+17.68%) offset July (-51.11%) and September (-2.66%).
- Key Volatility: August imports spiked 12.07% MoM before dropping -8.23% in September.
Argentina - South Korea Trade Balance & Market Dynamics
- Net Position: Argentina recorded a $352.97M trade surplus with South Korea (Exports: $516.86M, Imports: $163.89M).
- Relationship Status: Argentina maintains a strong net exporter role, with exports triple the import volume.
Argentina Import Trend from South Korea 2023 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 52.04M | -3.31% | -51.11% |
| Aug | 58.32M | 12.07% | 17.68% |
| Sep | 53.52M | -8.23% | -2.66% |
| Total | 163.89M | - | - |
Argentina Export Trend to South Korea 2023 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 112.18M | 8.89% | -54.2% |
| Aug | 212.92M | 89.81% | -27.96% |
| Sep | 191.76M | -9.93% | -9.29% |
| Total | 516.86M | - | - |
Get Historical Argentina South Korea Trade Records
Argentina-South Korea Top Trading Products in Q3 2023
Argentina Export Profile: What Does Argentina Sell to South Korea
- Top Commodity: Rank #1 export is HS Code 10 (Cereals) with 70.84% share.
- Demand Driver: South Korea uses these for industrial processing and food security.
- Concentration: Trade is highly concentrated, with cereals alone accounting for over 70% of exports.
Argentina Import Profile: What Does Argentina Buy from South Korea
- Top Commodity: Rank #1 import is HS Code 84 (Nuclear reactors, boilers, machinery) with 38.00% share.
- Dependency Nature: Critical technology dependency, as machinery and equipment dominate imports.
Argentina - South Korea Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Argentina exports raw materials (cereals) and imports high-tech machinery.
- Value Chain Position: South Korea holds the higher value-add position, supplying advanced machinery while Argentina provides agricultural commodities.
Import Analysis by Product: South Korea to Argentina (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 62.28M | 38.00% |
| 39 | 22.80M | 13.91% |
| 85 | 18.78M | 11.46% |
| 87 | 13.60M | 8.30% |
| 72 | 7.08M | 4.32% |
| 29 | 7.04M | 4.30% |
| 90 | 6.48M | 3.95% |
| 73 | 2.81M | 1.71% |
| 54 | 2.49M | 1.52% |
| 28 | 2.39M | 1.46% |
Export Analysis by Product: Argentina to South Korea (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 10 | 366.16M | 70.84% |
| 99 | 100.76M | 19.49% |
| 03 | 33.09M | 6.40% |
| 15 | 13.55M | 2.62% |
| 20 | 1.85M | 0.36% |
| 22 | 1.21M | 0.23% |
| 02 | 245.37K | 0.05% |
Check Detailed Argentina-South Korea Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Argentina’s trade surplus with South Korea is expected to stabilize in Q4 2023, though export volatility may persist due to fluctuating cereal demand and global commodity price pressures. The structural reliance on cereals (70% of exports) leaves Argentina vulnerable to supply shocks, while South Korea’s machinery imports will likely rebound as industrial activity picks up. Traders should anticipate tighter margins in the resource-for-tech exchange, with potential upside if Argentina diversifies its export basket.
Strategic Moves
- Lock in Cereal Contracts: Exporters must secure long-term agreements with South Korean buyers to mitigate price swings and ensure stable revenue streams.
- Diversify Export Offerings: Argentina should reduce dependency on cereals by promoting secondary exports like meat or biodiesel to South Korea, leveraging existing trade channels.
- Optimize Tech Procurement: Importers of South Korean machinery should negotiate bulk purchase discounts and explore financing options to offset rising costs.
Frequently Asked Questions
How did Argentina - South Korea trade perform in 2023 Q3?
Argentina's exports to South Korea totaled $516.86M in Q3 2023, but faced YoY declines, while imports were $163.89M with mixed growth.
What are the top exports from Argentina to South Korea?
Cereals (HS Code 10) dominate Argentina's exports to South Korea, accounting for 70.84% of total shipments.
What does Argentina import from South Korea?
Argentina primarily imports nuclear reactors, boilers, and machinery (HS Code 84) from South Korea, making up 38.00% of total imports.
What is the trade balance between Argentina and South Korea?
Argentina recorded a $352.97M trade surplus with South Korea in Q3 2023, maintaining its strong net exporter role.
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