Argentina - Thailand Trade 2023 Q3: Widening Deficit

Key Market Takeaways: Argentina - Thailand Trade

The bilateral trade relationship between Argentina and Thailand is marked by volatility and a widening deficit in Q3 2023.

• Economic Pulse: Argentina posted a $423.45M trade deficit with Thailand, driven by imports ($489.00M) far outpacing exports ($65.55M). Both flows showed sharp monthly swings, signaling unstable demand or supply chain adjustments.
• Exchange Structure: Argentina - Thailand trade statistics reveal an asymmetric resource-for-tech swap—Argentina ships unclassified goods (60% of exports, likely raw materials) while relying on Thai machinery (35.5% of imports) and vehicles.
• Strategic Interdependence: Thailand holds the higher value-add position, supplying industrial inputs, while Argentina remains a niche commodity exporter. The extreme concentration in HS Code 99 exposes Argentina to dependency risks.

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

Argentina-Thailand Trade Trend in Q3 2023

Argentina Export Performance: Shipments to Thailand

• Total Volume: $65.55M in Q3 2023.
• Growth Trend & Context:
  • YoY declines persisted across all months, worsening from -7.14% in July to -33.55% in September.
• Key Volatility: July saw a 65.19% MoM surge, but exports dropped sharply in August (-20.13%) and September (-20.91%).

Argentina Import Performance: Sourcing from Thailand

• Total Volume: $489.00M in Q3 2023.
• Growth Trend & Context:
  • Mixed YoY trends: August spiked 44.23%, but July (-3.95%) and September (-28.42%) contracted.
• Key Volatility: August peaked with a 33.35% MoM jump, while September plunged -28.33% MoM.

Argentina - Thailand Trade Balance & Market Dynamics

• Net Position: Trade deficit of $423.45M (Imports exceeded exports).
• Relationship Status: Heavy reliance on Thai imports, with exports failing to offset the gap. Volatility in both flows suggests unstable demand or supply chain adjustments.

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

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

Get Historical Argentina Thailand Trade Records

Argentina-Thailand Top Trading Products in Q3 2023

Argentina Export Profile: What Does Argentina Sell to Thailand

• Top Commodity: HS Code 99 (60.21% share). Likely unclassified or special category goods, dominating exports.
• Demand Driver: High concentration in one category suggests Thailand relies on Argentina for niche or bulk shipments, possibly raw materials or intermediates.
• Concentration: Extreme—over 60% in a single code, indicating high dependency risk.

Argentina Import Profile: What Does Argentina Buy from Thailand

• Top Commodity: HS Code 84 (35.50% share). Machinery/industrial equipment, critical for Argentina’s production infrastructure.
• Dependency Nature: Technology dependency—HS 84 (machinery) and HS 87 (vehicles) combined account for ~68% of imports, signaling reliance on Thai industrial output.

Argentina - Thailand Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina exports raw/unclassified goods (HS 99, 03) while importing machinery and vehicles, a classic asymmetric swap.
• Value Chain Position: Thailand holds the higher value-add position—its exports (machinery, vehicles) are more complex than Argentina’s (likely commodities). Trade skew suggests Thailand is the industrial supplier, Argentina the raw material source.

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

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

Check Detailed Argentina-Thailand Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Argentina’s trade deficit with Thailand is likely to persist in Q4 2023, driven by continued volatility in export demand and structural reliance on Thai machinery and vehicles. The sharp YoY declines in Argentina’s exports—particularly in HS Code 99 (unclassified goods)—suggest weakening niche demand, while import fluctuations in HS Code 84 (machinery) indicate potential supply chain disruptions. Without diversification or strategic pricing adjustments, the trade gap may widen further, exposing Argentina to greater dependency risks.

Strategic Moves

• Diversify Export Offerings: Argentine exporters must reduce reliance on HS Code 99 by identifying and promoting secondary commodities (e.g., agricultural byproducts) to balance Thailand’s industrial demand.
• Lock in Machinery Contracts: Importers should secure long-term agreements with Thai suppliers for HS Code 84 goods to mitigate price volatility and ensure stable industrial input flows.
• Monitor Currency and Trade Policies: Traders must hedge against potential peso fluctuations and anticipate Thai export restrictions, especially if Argentina’s deficit triggers protective measures.

Frequently Asked Questions

How did Argentina - Thailand trade perform in 2023 Q3?

Argentina's exports to Thailand totaled $65.55M in Q3 2023, with persistent YoY declines. Imports from Thailand reached $489.00M, showing mixed YoY trends but overall higher volume.

What are the top exports from Argentina to Thailand?

Argentina's top export to Thailand is HS Code 99 (unclassified/special category goods), accounting for 60.21% of exports, indicating high dependency on niche or bulk shipments.

What does Argentina import from Thailand?

Argentina primarily imports machinery/industrial equipment (HS Code 84, 35.50% share) and vehicles (HS Code 87), reflecting a reliance on Thai industrial output.

What is the trade balance between Argentina and Thailand?

Argentina recorded a trade deficit of $423.45M with Thailand in Q3 2023, driven by heavy reliance on Thai imports and volatile export performance.