Argentina - Thailand Trade 2023 Q4: Lopsided Deficit

Key Market Takeaways: Argentina - Thailand Trade

The bilateral trade relationship between Argentina and Thailand remains heavily skewed in Thailand's favor, with Argentina facing a persistent trade deficit in Q4 2023.

• Economic Pulse: Argentina’s imports from Thailand ($441.86M) dwarf exports ($75.09M), resulting in a $366.77M deficit—a 5.9x imbalance. Exports declined YoY, while imports showed mixed growth.
• Exchange Structure: Argentina - Thailand trade statistics reveal a lopsided exchange: Argentina exports niche services (HS 99, 83% share) and agricultural goods, while relying on Thai machinery (HS 84) and vehicles (HS 87) for industrial needs.
• Strategic Interdependence: Thailand holds the upper hand as a supplier of high-value manufactured goods, while Argentina’s export profile lacks diversification and value-add.

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

Argentina-Thailand Trade Trend in Q4 2023

Argentina Export Performance: Shipments to Thailand

• Total Volume: $75.09M in Q4 2023.
• Growth Trend & Context:
  • YoY decline persisted across all months, with November (-28.67%) and October (-24.38%) showing severe contractions. December’s -0.07% YoY suggests a near-stabilization.
  • No relevant trade news to explain the downturn.
• Key Volatility: December saw a 125.72% MoM surge, likely due to year-end shipment adjustments.

Argentina Import Performance: Sourcing from Thailand

• Total Volume: $441.86M in Q4 2023.
• Growth Trend & Context:
  • Mixed YoY performance: October (+16.92%) and December (+16.53%) growth offset November’s -8.21% drop.
• Key Volatility: December imports plummeted 17.9% MoM, contrasting with October’s 11.76% MoM rise.

Argentina - Thailand Trade Balance & Market Dynamics

• Net Position: Trade deficit of $366.77M (Imports exceed exports by 5.9x).
• Relationship Status: Argentina remains heavily import-dependent on Thailand, with no signs of rebalancing.

Argentina Import Trend from Thailand 2023 Q4 (Source: yTrade)**

Argentina Export Trend to Thailand 2023 Q4 (Source: yTrade)**

Get Historical Argentina Thailand Trade Records

Argentina-Thailand Top Trading Products in Q4 2023

Argentina Export Profile: What Does Argentina Sell to Thailand

• Top Commodity: HS Code 99 dominates with 83.27% share. This is likely "Services not elsewhere specified" or a residual category, indicating a specialized trade flow.
• Demand Driver: Thailand's reliance on this category suggests either a niche service (e.g., logistics, consulting) or a re-export hub role. Secondary exports (HS 03, 02) point to agricultural products (fish, meat) feeding Thailand's food processing or consumer markets.
• Concentration: Extreme—HS 99 alone captures over 80% of exports, signaling high dependency on a single trade segment.

Argentina Import Profile: What Does Argentina Buy from Thailand

• Top Commodity: HS Code 84 (machinery/industrial equipment) leads at 33.72%, followed closely by HS 87 (vehicles) at 30.99%.
• Dependency Nature: Thailand supplies critical industrial inputs—machinery (HS 84) and automotive parts (HS 87) suggest Argentina relies on Thai manufacturing capacity for capital goods.

Argentina - Thailand Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina exports services/agricultural goods (low value-add) while importing high-value machinery and vehicles from Thailand.
• Value Chain Position: Thailand holds the advantage—its exports (HS 84, 85, 87) are complex manufactured goods, while Argentina's exports are either commoditized (HS 03, 02) or opaque (HS 99).

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 expected to persist in 2024, driven by structural imbalances—Thailand’s dominance in high-value machinery and vehicles (HS 84, 87) versus Argentina’s reliance on low-value-add exports (HS 99, 03). The near-stabilization in December exports suggests a floor may have been reached, but without diversification, growth will remain constrained. Meanwhile, Thailand’s industrial demand for Argentine agricultural inputs (HS 02, 03) could offer a narrow upside if exporters capitalize on niche opportunities. Volatility in monthly trade flows calls for cautious planning, particularly around year-end shipment cycles.

Strategic Moves

• Diversify Export Baskets: Argentine exporters must reduce dependency on HS 99 by expanding agricultural (HS 02, 03) and value-added food product shipments, targeting Thailand’s processing sector.
• Lock in Machinery Contracts: Importers should secure long-term agreements with Thai suppliers for critical industrial equipment (HS 84) to mitigate price fluctuations and supply chain disruptions.
• Monitor Trade Policy Shifts: Traders must track potential bilateral agreements or Thai industrial policies that could alter demand for Argentine commodities or machinery imports.

Frequently Asked Questions

How did Argentina - Thailand trade perform in 2023 Q4?

Argentina's exports to Thailand totaled $75.09M, showing a YoY decline, while imports from Thailand reached $441.86M, with mixed YoY growth. The trade deficit stood at $366.77M.

What are the top exports from Argentina to Thailand?

Argentina's top export to Thailand is HS Code 99 (likely "Services not elsewhere specified"), accounting for 83.27% of exports, followed by agricultural products like fish (HS 03) and meat (HS 02).

What does Argentina import from Thailand?

Argentina primarily imports machinery/industrial equipment (HS Code 84) and vehicles (HS Code 87) from Thailand, which together make up over 60% of imports.

What is the trade balance between Argentina and Thailand?

Argentina recorded a trade deficit of $366.77M with Thailand in Q4 2023, with imports exceeding exports by 5.9x. The deficit shows no signs of rebalancing.