Argentina - Spain Trade 2023 Q2: Surplus & Volatility

Key Market Takeaways: Argentina - Spain Trade

The bilateral trade relationship between Argentina and Spain shows growth with notable volatility in Q2 2023.

• Economic Pulse: Argentina maintains a $73.59M trade surplus with Spain, exporting $396.57M against imports of $322.98M. Volatility marked both sides, with June seeing the strongest rebounds.
• Exchange Structure: Argentina - Spain trade statistics reveal a resource-for-tech complementarity—Argentina supplies raw materials (HS 99, 23, 15) while Spain exports machinery (HS 84) and pharmaceuticals (HS 30).
• Strategic Interdependence: Spain holds the higher value-add position, reflecting a classic developed-emerging market dynamic. Argentina’s export concentration risks underscore reliance on a few commodities.

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

Argentina-Spain Trade Trend in Q2 2023

Argentina Export Performance: Shipments to Spain

• Total Volume: $396.57M in Q2 2023.
• Growth Trend & Context:
  • Mixed YoY performance: May saw a sharp -43.96% contraction, but June rebounded with +47.98% growth.
  • No specific trade news to explain volatility.
• Key Volatility: June recorded a +30.98% MoM surge, the highest in the quarter.

Argentina Import Performance: Sourcing from Spain

• Total Volume: $322.98M in Q2 2023.
• Growth Trend & Context:
  • YoY swings: April imports fell -18.24%, but May and June grew +23.26% and +18.77%, respectively.
• Key Volatility: June posted the strongest MoM gain (+13.42%), while April had the steepest drop (-17.24%).

Argentina - Spain Trade Balance & Market Dynamics

• Net Position: Argentina holds a $73.59M trade surplus with Spain (Exports: $396.57M > Imports: $322.98M).
• Relationship Status: Maintains a net exporter role, though import demand from Spain shows recovery in May-June.

Argentina Import Trend from Spain 2023 Q2 (Source: yTrade)**

Argentina Export Trend to Spain 2023 Q2 (Source: yTrade)**

Get Historical Argentina Spain Trade Records

Argentina-Spain Top Trading Products in Q2 2023

Argentina Export Profile: What Does Argentina Sell to Spain

• Top Commodity: HS Code 99 dominates with 41.49% share (€164.55M).
• Demand Driver: Spain likely uses these for industrial processing, given the high share of raw materials (e.g., HS 23, 15, 03).
• Concentration: The top 3 exports (HS 99, 23, 15) account for 76.86% of total exports, indicating heavy reliance on a few commodities.

Argentina Import Profile: What Does Argentina Buy from Spain

• Top Commodity: HS Code 84 (machinery/mechanical appliances) leads with 21.40% share (€69.13M).
• Dependency Nature: Critical technology dependency, as machinery (HS 84, 87, 85) and pharmaceuticals (HS 30) dominate imports.

Argentina - Spain Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina supplies raw materials (food, feed, oils), while Spain exports machinery and high-tech goods.
• Value Chain Position: Spain holds the higher value-add position, exporting complex machinery (HS 84, 87) versus Argentina’s bulk commodities (HS 99, 23, 15).

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

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

Check Detailed Argentina-Spain Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Argentina’s trade surplus with Spain is likely to hold in Q3 2023, driven by resilient demand for raw materials (HS 99, 23, 15) and Spain’s recovering import appetite for Argentine commodities. However, volatility risks persist—June’s export surge may normalize, and machinery imports (HS 84, 87) could spike further as Spain tightens its grip on high-value tech exports. Traders should anticipate asymmetric growth: steady exports but faster import expansion, narrowing the surplus by year-end.

Strategic Moves

• Lock in commodity prices: Argentine exporters of feed, oils, and raw materials (HS 23, 15) should secure long-term contracts with Spanish buyers to mitigate price swings, leveraging their current surplus position.
• Diversify import channels: Argentine importers reliant on Spanish machinery (HS 84) and pharmaceuticals (HS 30) must scout alternative suppliers in the EU or Mercosur to reduce dependency and counter potential cost hikes.
• Monitor MoM volatility triggers: June’s erratic trade swings (e.g., +30.98% export spike) demand closer scrutiny of Spanish industrial cycles and Argentine harvest timelines to time shipments and avoid inventory gluts.

Frequently Asked Questions

How did Argentina - Spain trade perform in 2023 Q2?

Argentina exported $396.57M to Spain and imported $322.98M, with mixed YoY growth: exports saw a sharp May decline (-43.96%) but rebounded in June (+47.98%), while imports grew in May-June after an April drop (-18.24%).

What are the top exports from Argentina to Spain?

Argentina’s top exports to Spain are dominated by HS Code 99 (41.49% share), along with HS 23 and HS 15, collectively accounting for 76.86% of total exports—primarily raw materials like food, feed, and oils.

What does Argentina import from Spain?

Argentina’s top imports from Spain include machinery (HS 84, 21.40% share), along with other high-tech goods like pharmaceuticals (HS 30) and vehicles (HS 87), reflecting a reliance on advanced industrial products.

What is the trade balance between Argentina and Spain?

Argentina holds a $73.59M trade surplus with Spain in Q2 2023, maintaining its net exporter role despite recovering import demand from Spain in May-June.