Argentina - United States Trade 2023 Q1: Widening Deficit
Key Market Takeaways: Argentina - United States Trade
The bilateral trade relationship between Argentina and United States reflects a widening deficit amid volatile demand shifts in Q1 2023.
- $650M Deficit on $3.2B Trade: Argentina’s imports from the U.S. ($1.93B) dwarfed exports ($1.28B), with exports plunging YoY (-31% to -42%) while imports showed erratic growth.
- Resource-for-Tech Exchange: Argentina - United States trade statistics reveal heavy reliance on mineral fuels (25% of exports) against U.S. machinery (14%) and chemicals (8%), highlighting a commodity-for-manufactures imbalance.
- Asymmetric Interdependence: The U.S. holds structural leverage, supplying high-value industrial inputs while Argentina’s export profile remains dangerously concentrated (HS Code 99 at 51%).
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Argentina-United States Trade Trend in Q1 2023
Argentina Export Performance: Shipments to United States
- Total Volume: $1.28B in Q1 2023.
- Growth Trend & Context:
- YoY decline intensified (-31.38% in Feb, -41.83% in Mar), signaling a sharp contraction in demand or competitiveness.
- No mitigating news context to explain the downturn.
- Key Volatility: February saw the steepest MoM drop (-23.44%), followed by another decline in March (-8.26%).
Argentina Import Performance: Sourcing from United States
- Total Volume: $1.93B in Q1 2023.
- Growth Trend & Context:
- Mixed YoY performance: +75.58% in Jan, but growth slowed to +8.1% by March, suggesting early-year stockpiling or price effects.
- Key Volatility: March recorded the highest monthly import value ($712.57M) with a 21.9% MoM surge.
Argentina - United States Trade Balance & Market Dynamics
- Net Position: Trade deficit of $650M (Imports exceeded exports).
- Relationship Status: Argentina remains a net importer from the U.S., with reliance on American goods outweighing export momentum. The widening deficit reflects structural trade imbalances.
Argentina Import Trend from United States 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 636.78M | 13.85% | 75.58% |
| Feb | 584.57M | -8.2% | 23.72% |
| Mar | 712.57M | 21.9% | 8.1% |
| Total | 1.93B | - | - |
Argentina Export Trend to United States 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 518.78M | 18.33% | 107.4% |
| Feb | 397.15M | -23.44% | -31.38% |
| Mar | 364.36M | -8.26% | -41.83% |
| Total | 1.28B | - | - |
Get Historical Argentina United States Trade Records
Argentina-United States Top Trading Products in Q1 2023
Argentina Export Profile: What Does Argentina Sell to United States
- Top Commodity: HS Code 99 (51.17% share). Likely unclassified or special category goods, indicating a dominant but ambiguous export.
- Demand Driver: HS Code 27 (25.02% share, mineral fuels) suggests United States sources energy or industrial inputs from Argentina.
- Concentration: Extreme—HS Code 99 alone accounts for over half of exports, signaling high reliance on a single category.
Argentina Import Profile: What Does Argentina Buy from United States
- Top Commodity: HS Code 27 (30.43% share, mineral fuels). Reflects energy imports, possibly refined products or LNG.
- Dependency Nature: Machinery (HS 84, 14.18%) and chemicals (HS 29, 8.40%) indicate reliance on U.S. technology and industrial inputs.
Argentina - United States Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Argentina exports raw materials (mineral fuels, unclassified goods) and imports high-value machinery/chemicals.
- Value Chain Position: United States holds the higher value-add position, supplying advanced goods (machinery, pharmaceuticals) against Argentina’s commodity-heavy exports.
Import Analysis by Product: United States to Argentina (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 588.50M | 30.43% |
| 84 | 274.20M | 14.18% |
| 39 | 167.46M | 8.66% |
| 29 | 162.46M | 8.40% |
| 30 | 113.81M | 5.88% |
| 38 | 101.87M | 5.27% |
| 90 | 70.52M | 3.65% |
| 85 | 66.97M | 3.46% |
| 87 | 62.85M | 3.25% |
| 31 | 43.95M | 2.27% |
Export Analysis by Product: Argentina to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 655.08M | 51.17% |
| 27 | 320.38M | 25.02% |
| 22 | 46.02M | 3.59% |
| 04 | 29.47M | 2.30% |
| 02 | 25.94M | 2.03% |
| 03 | 24.64M | 1.92% |
| 12 | 24.05M | 1.88% |
| 08 | 23.56M | 1.84% |
| 44 | 20.78M | 1.62% |
| 84 | 19.87M | 1.55% |
Check Detailed Argentina-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Argentina - United States trade forecast for the remainder of 2023 remains cautious, with Argentina’s export decline likely to persist due to weakening demand and structural reliance on a single, ambiguous commodity (HS Code 99). The trade deficit is expected to widen further as U.S. imports, particularly in energy (HS Code 27) and machinery (HS Code 84), maintain their upward trajectory. However, March’s import surge suggests potential short-term volatility, possibly driven by stockpiling or price fluctuations. Without diversification or policy intervention, Argentina’s trade imbalance with the U.S. will harden, exposing the economy to external shocks.
Strategic Moves
- Diversify Export Basket: Argentine exporters must reduce dependence on HS Code 99 by identifying and promoting secondary commodities (e.g., processed agricultural goods or niche manufactures) to stabilize revenue streams.
- Lock in Energy Contracts: Given the U.S. dominance in mineral fuel imports (HS Code 27), Argentine buyers should secure long-term supply agreements to hedge against price volatility and ensure stable input costs.
- Leverage Trade Diplomacy: The Argentine government should prioritize bilateral talks to address non-tariff barriers and negotiate favorable terms for high-value exports, such as lithium or biofuels, to rebalance the trade relationship.
Frequently Asked Questions
How did Argentina - United States trade perform in 2023 Q1?
Argentina recorded a trade deficit of $650M, with exports totaling $1.28B (sharp YoY decline) and imports reaching $1.93B (mixed growth).
What are the top exports from Argentina to United States?
HS Code 99 (unclassified/special goods, 51.17% share) and HS Code 27 (mineral fuels, 25.02%) dominate Argentina’s exports to the U.S.
What does Argentina import from United States?
Top imports include HS Code 27 (mineral fuels, 30.43%), HS Code 84 (machinery, 14.18%), and HS Code 29 (chemicals, 8.40%).
What is the trade balance between Argentina and United States?
Argentina had a trade deficit of $650M in Q1 2023, reflecting structural reliance on U.S. goods. The gap widened due to declining exports.
Argentina - United States Trade 2023 Whole Year: Volatile Deficit
Argentina's $3.0B trade deficit with the U.S. in 2023 highlights volatile Argentina United States trade trends. Top trading products show a resource-for-tech imbalance, per yTrade data.
Argentina - United States Trade 2023 Q2: Widening Deficit
Argentina's trade deficit with the U.S. hit $1.19B in Q2 2023, driven by mineral fuels and tech exchange. Explore Argentina United States trade trends and top products via yTrade data.
