Argentina - Spain Trade 2024 Q3: Surplus Amid Declines
Key Market Takeaways: Argentina - Spain Trade
The bilateral trade relationship between Argentina and Spain showed mixed performance with a strong surplus but YoY declines in Q3 2024.
- Economic Pulse: Argentina maintained a $198.25M trade surplus with Spain, exporting $472.38M (down YoY) while importing $274.13M (also down YoY). Volatility spiked in July before sharp contractions.
- Exchange Structure: Argentina - Spain trade statistics reveal a resource-for-tech dynamic—Argentina supplies raw seafood (42.6% of exports) while importing machinery (25.3%) and pharmaceuticals (11.0%) from Spain.
- Strategic Interdependence: The partnership remains complementary but lopsided, with Spain holding the high-value position in critical industrial and healthcare sectors.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Argentina-Spain Trade Trend in Q3 2024
Argentina Export Performance: Shipments to Spain
- Total Volume: Q3 2024 exports to Spain totaled $472.38M.
- Growth Trend & Context:
- YoY declines persisted in August (-10.93%) and September (-17.27%), offsetting July’s 56.43% surge. No news drivers were reported.
- Key Volatility: July saw a 59.25% MoM spike, while August dropped 38.21% MoM.
Argentina Import Performance: Sourcing from Spain
- Total Volume: Q3 2024 imports from Spain reached $274.13M.
- Growth Trend & Context:
- YoY contractions deepened in August (-45.46%) and September (-12.55%), despite July’s 6.88% growth. No news context provided.
- Key Volatility: August imports plummeted 26.15% MoM after July’s 31.95% rise.
Argentina - Spain Trade Balance & Market Dynamics
- Net Position: Argentina held a $198.25M trade surplus with Spain (Exports: $472.38M > Imports: $274.13M).
- Relationship Status: Argentina maintains a strong net exporter position, though both trade flows showed YoY weakness in Q3.
Argentina Import Trend from Spain 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 106.54M | 31.95% | 6.88% |
| Aug | 78.68M | -26.15% | -45.46% |
| Sep | 88.91M | 13.0% | -12.55% |
| Total | 274.13M | - | - |
Argentina Export Trend to Spain 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 197.02M | 59.25% | 56.43% |
| Aug | 121.74M | -38.21% | -10.93% |
| Sep | 153.63M | 26.2% | -17.27% |
| Total | 472.38M | - | - |
Get Historical Argentina Spain Trade Records
Argentina-Spain Top Trading Products in Q3 2024
Argentina Export Profile: What Does Argentina Sell to Spain
- Top Commodity: Fish and crustaceans (HS 03) dominate exports, accounting for 42.60% of total shipments to Spain.
- Demand Driver: Spain relies on Argentina for raw seafood, likely for industrial processing (e.g., canned goods, fishmeal) or direct consumption in its large seafood market.
- Concentration: Trade is highly concentrated, with the top 3 categories (HS 03, 23, 99) making up 88.30% of exports.
Argentina Import Profile: What Does Argentina Buy from Spain
- Top Commodity: Machinery (HS 84) leads imports at 25.29%, followed by pharmaceuticals (HS 30) at 11.02%.
- Dependency Nature: Argentina depends on Spain for critical machinery (industrial/agricultural equipment) and pharmaceuticals, indicating a technology and healthcare dependency.
Argentina - Spain Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Argentina exports raw materials (seafood, animal feed) while importing high-value machinery and medicines from Spain.
- Value Chain Position: Spain holds the higher value-add position, supplying advanced goods (machinery, pharma) versus Argentina’s primary commodities.
Import Analysis by Product: Spain to Argentina (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 69.32M | 25.29% |
| 30 | 30.20M | 11.02% |
| 87 | 27.05M | 9.87% |
| 39 | 14.73M | 5.37% |
| 85 | 13.53M | 4.94% |
| 49 | 10.51M | 3.84% |
| 29 | 9.66M | 3.52% |
| 33 | 7.76M | 2.83% |
| 27 | 7.55M | 2.76% |
| 45 | 7.54M | 2.75% |
Export Analysis by Product: Argentina to Spain (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 03 | 201.25M | 42.60% |
| 23 | 133.73M | 28.31% |
| 99 | 82.13M | 17.39% |
| 12 | 13.27M | 2.81% |
| 08 | 10.43M | 2.21% |
| 15 | 6.81M | 1.44% |
| 07 | 6.06M | 1.28% |
| 10 | 5.47M | 1.16% |
| 02 | 4.57M | 0.97% |
| 22 | 1.74M | 0.37% |
Check Detailed Argentina-Spain Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Argentina’s trade surplus with Spain is likely to persist in Q4 2024, but volatility will remain a key challenge. The YoY declines in exports and imports suggest softening demand, particularly for Argentina’s seafood (HS 03) and Spain’s machinery (HS 84). However, Spain’s reliance on Argentine raw materials and Argentina’s dependence on Spanish high-value goods create a stable, if uneven, foundation. Traders should prepare for price swings in seafood and machinery, driven by seasonal demand shifts and potential supply chain disruptions.
Strategic Moves
- Lock in Seafood Contracts: With fish and crustaceans dominating exports, Argentine exporters should secure long-term agreements with Spanish processors to stabilize revenue amid fluctuating volumes.
- Diversify Pharma Sourcing: Given Argentina’s reliance on Spanish pharmaceuticals (HS 30), importers must explore alternative suppliers in the EU or India to mitigate price and supply risks.
- Monitor Machinery Demand: Spanish machinery exporters should target Argentine agribusiness and energy sectors, where modernization needs could drive recovery despite recent import declines.
Frequently Asked Questions
How did Argentina - Spain trade perform in 2024 Q3?
Argentina exported $472.38M to Spain and imported $274.13M, with YoY declines in exports (-10.93% in August, -17.27% in September) and imports (-45.46% in August, -12.55% in September).
What are the top exports from Argentina to Spain?
Fish and crustaceans (HS 03) dominate, making up 42.60% of exports, followed by other top categories (HS 23, 99) that collectively account for 88.30% of shipments.
What does Argentina import from Spain?
Machinery (HS 84) leads at 25.29%, followed by pharmaceuticals (HS 30) at 11.02%, reflecting Argentina’s reliance on Spanish technology and healthcare products.
What is the trade balance between Argentina and Spain?
Argentina held a $198.25M trade surplus with Spain in Q3 2024, maintaining its strong net exporter position despite YoY declines in both trade flows.
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