Argentina - United States Trade 2024 Q1: Deficit Persists, Exports Rebound

Key Market Takeaways: Argentina - United States Trade

The bilateral trade relationship between Argentina and United States showed mixed signals in Q1 2024, with exports recovering while imports continued to decline.

• Deficit Persists, Exports Rebound: Argentina posted an $80M trade deficit with the U.S. ($1.35B imports > $1.27B exports), though export growth accelerated in March (+14.09% YoY) after a weak January.
• Resource-for-Tech Exchange: Argentina - United States trade statistics reveal a lopsided structure—Argentina ships oil (HS 27), agri-products, and beverages, while relying on U.S. machinery (HS 84), chemicals, and pharmaceuticals.
• Complementary but Asymmetric: The partnership hinges on Argentina’s raw materials feeding U.S. supply chains, while the U.S. supplies high-value industrial goods, reinforcing a clear value chain hierarchy.

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

Argentina-United States Trade Trend in Q1 2024

Argentina Export Performance: Shipments to United States

• Total Volume: $1.27B in Q1 2024.
• Growth Trend & Context:
  • YoY growth turned positive in February (+4.2%) and accelerated in March (+14.09%), signaling a recovery after a weak January (-14.26%).
  • No specific trade news to explain the rebound.
• Key Volatility: January saw the sharpest MoM drop (-16.63%), while March marked a slight recovery (+0.46%).

Argentina Import Performance: Sourcing from United States

• Total Volume: $1.35B in Q1 2024.
• Growth Trend & Context:
  • YoY declines persisted throughout Q1 (-16.32% in Jan, -32.36% in Feb, -40.49% in Mar), reflecting sustained demand contraction.
• Key Volatility: February recorded the steepest MoM drop (-25.79%), while March saw a minor uptick (+7.24%).

Argentina - United States Trade Balance & Market Dynamics

• Net Position: Argentina posted a trade deficit of $80M (Imports $1.35B > Exports $1.27B).
• Relationship Status: Persistent deficit suggests reliance on U.S. imports, though export recovery in Q1 may narrow the gap.

Argentina Import Trend from United States 2024 Q1 (Source: yTrade)**

Argentina Export Trend to United States 2024 Q1 (Source: yTrade)**

Get Historical Argentina United States Trade Records

Argentina-United States Top Trading Products in Q1 2024

Argentina Export Profile: What Does Argentina Sell to United States

• Top Commodity: HS Code 99 (46.92% share) dominates exports, though its exact product name isn't specified. This suggests a highly concentrated export basket.
• Demand Driver: HS Codes 27 (oil, 25.37%), 03/02 (fish/meat), and 22 (beverages) indicate United States imports raw materials (oil, agri-products) and consumer goods (beverages) from Argentina.
• Concentration: The top 2 codes (99 + 27) account for 72.29% of exports, showing extreme reliance on a narrow range of products.

Argentina Import Profile: What Does Argentina Buy from United States

• Top Commodity: HS Code 84 (machinery, 21.82% share) leads imports, followed by chemicals (HS 29, 12.68%) and oil (HS 27, 12.21%).
• Dependency Nature: Machinery (HS 84), pharmaceuticals (HS 30), and electrical equipment (HS 85) reveal Argentina’s reliance on U.S. high-tech and industrial goods. Oil imports (HS 27) suggest energy trade despite Argentina’s own oil exports.

Argentina - United States Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina exports raw materials (oil, agri-products) and consumer goods, while importing machinery, chemicals, and tech from the U.S.
• Value Chain Position: The U.S. holds the higher value-add position, supplying advanced manufactured goods (machinery, pharmaceuticals) versus Argentina’s commodity-heavy exports.

Import Analysis by Product: United States to Argentina (Source: yTrade)

Export Analysis by Product: Argentina to United States (Source: yTrade)

Check Detailed Argentina-United States Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Argentina’s trade with the United States is poised for a moderate recovery in Q2 2024, driven by resilient demand for its commodity exports (oil, agri-products) and a potential stabilization in U.S. machinery imports. The export rebound in March (+14.09% YoY) signals improving momentum, but the persistent import contraction (-40.49% YoY in March) reflects lingering economic headwinds. The trade deficit will likely narrow if Argentina sustains its export growth while managing import dependency, but volatility in commodity prices and U.S. industrial demand remains a risk.

Strategic Moves

• Diversify Export Basket: Argentine exporters must reduce reliance on HS Code 99 (46.92% share) by expanding value-added agri-products (e.g., processed foods under HS 22) to capture higher margins in the U.S. consumer market.
• Lock in Energy Trade Terms: With oil (HS 27) accounting for 25.37% of exports, traders should secure long-term contracts to hedge against price swings, especially as U.S. energy demand fluctuates.
• Target Tech-Driven Import Substitution: Argentine manufacturers should prioritize local sourcing of mid-tier machinery (HS 84) or pivot to alternative suppliers (e.g., EU/China) to mitigate the $1.35B deficit in high-tech imports.

Frequently Asked Questions

How did Argentina - United States trade perform in 2024 Q1?

Argentina exported $1.27B to the U.S., showing recovery with YoY growth in February (+4.2%) and March (+14.09%). Imports from the U.S. fell to $1.35B, with persistent YoY declines (-16.32% to -40.49%).

What are the top exports from Argentina to United States?

Argentina’s top exports to the U.S. include HS Code 99 (46.92% share, unspecified), oil (HS 27, 25.37%), and fish/meat (HS 03/02), reflecting a reliance on raw materials and consumer goods.

What does Argentina import from United States?

Argentina primarily imports machinery (HS 84, 21.82%), chemicals (HS 29, 12.68%), and oil (HS 27, 12.21%) from the U.S., highlighting dependency on high-tech and industrial goods.

What is the trade balance between Argentina and United States?

Argentina recorded a trade deficit of $80M (imports $1.35B > exports $1.27B), though the export recovery in Q1 may narrow the gap.