Argentina - United States Trade 2024 Q2: Deficit & Rebound
Key Market Takeaways: Argentina - United States Trade
The bilateral trade relationship between Argentina and United States shows mixed growth and volatility in Q2 2024.
- Economic Pulse: Argentina posted a $160M trade deficit with the U.S. ($1.78B imports vs. $1.62B exports), though strong YoY export rebounds in May-June hint at rebalancing potential.
- Exchange Structure: Argentina - United States trade statistics reveal a resource-for-tech dynamic—Argentina supplies fuels (41.25% of exports) while importing refined fuels, machinery, and pharmaceuticals.
- Strategic Interdependence: The partnership reflects complementary but asymmetric value chains, with the U.S. capturing higher-value manufacturing.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Argentina-United States Trade Trend in Q2 2024
Argentina Export Performance: Shipments to United States
- Total Volume: $1.62B in Q2 2024.
- Growth Trend & Context:
- Mixed YoY performance: April (+4.79%) growth reversed into May (+32.85%) and June (+25.25%) surges, suggesting recovering demand.
- No specific trade news to explain volatility.
- Key Volatility: April saw a sharp MoM spike (+43.99%), followed by consecutive declines in May (-8.62%) and June (-12.6%).
Argentina Import Performance: Sourcing from United States
- Total Volume: $1.78B in Q2 2024.
- Growth Trend & Context:
- Steep YoY declines: May (-44.54%) and June (-30.79%) reflect reduced import reliance or domestic substitution.
- No relevant news to contextualize the contraction.
- Key Volatility: June recorded the highest monthly value ($700.84M) with a +30.38% MoM jump, offsetting May’s flat performance (-0.11%).
Argentina - United States Trade Balance & Market Dynamics
- Net Position: Trade deficit of $160M (Imports $1.78B > Exports $1.62B).
- Relationship Status: Argentina remains a net importer from the U.S., though export recovery in May-June signals potential rebalancing.
Argentina Import Trend from United States 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 538.14M | 26.91% | -5.81% |
| May | 537.53M | -0.11% | -44.54% |
| Jun | 700.84M | 30.38% | -30.79% |
| Total | 1.78B | - | - |
Argentina Export Trend to United States 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 598.57M | 43.99% | 4.79% |
| May | 546.95M | -8.62% | 32.85% |
| Jun | 478.02M | -12.6% | 25.25% |
| Total | 1.62B | - | - |
Get Historical Argentina United States Trade Records
Argentina-United States Top Trading Products in Q2 2024
Argentina Export Profile: What Does Argentina Sell to United States
- Top Commodity: HS Code 27 (Mineral fuels, oils, distillation products) dominates at 41.25% of total exports.
- Demand Driver: United States imports these for industrial processing, likely refining or energy production.
- Concentration: Trade is highly concentrated, with HS Code 27 and 99 (Special classification provisions) together accounting for 72.3% of exports.
Argentina Import Profile: What Does Argentina Buy from United States
- Top Commodity: HS Code 27 (Mineral fuels, oils, distillation products) leads at 30.25% of imports.
- Dependency Nature: Reflects energy security dependency, with refined petroleum products likely supplementing domestic supply.
Argentina - United States Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Argentina exports raw materials (fuels, agricultural goods) and imports refined fuels, machinery (HS 84), and pharmaceuticals (HS 30), indicating a classic resource-for-technology swap.
- Value Chain Position: United States holds the higher value-add position, supplying advanced manufactured goods (HS 84, 85, 90) against Argentina’s commodity-heavy exports.
Import Analysis by Product: United States to Argentina (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 537.45M | 30.25% |
| 84 | 292.57M | 16.47% |
| 29 | 134.61M | 7.58% |
| 39 | 113.16M | 6.37% |
| 38 | 111.05M | 6.25% |
| 30 | 93.98M | 5.29% |
| 85 | 80.74M | 4.54% |
| 87 | 74.93M | 4.22% |
| 90 | 74.76M | 4.21% |
| 31 | 42.37M | 2.38% |
Export Analysis by Product: Argentina to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 669.65M | 41.25% |
| 99 | 504.03M | 31.05% |
| 15 | 68.34M | 4.21% |
| 02 | 63.18M | 3.89% |
| 08 | 51.35M | 3.16% |
| 22 | 39.31M | 2.42% |
| 20 | 37.72M | 2.32% |
| 04 | 33.63M | 2.07% |
| 12 | 32.22M | 1.98% |
| 03 | 27.66M | 1.70% |
Check Detailed Argentina-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Argentina - United States trade forecast suggests a potential rebalancing in Q3 2024, driven by recovering Argentine exports in key sectors like mineral fuels (HS 27). While imports from the U.S. remain elevated, the sharp YoY declines indicate a shift toward domestic substitution or reduced dependency. If export growth in May-June sustains, Argentina could narrow its trade deficit, but volatility in commodity prices and U.S. demand will remain critical watchpoints.
Strategic Moves
- Lock in Fuel Export Contracts: With HS 27 dominating Argentina’s exports, traders should secure long-term agreements with U.S. refiners to stabilize revenue amid price fluctuations.
- Diversify Import Sources: Argentine buyers must reduce reliance on U.S. refined fuels (HS 27) by exploring alternative suppliers to mitigate supply chain risks and cost pressures.
- Target Tech-Driven Trade: Exporters should pivot toward higher-value agricultural or manufactured goods (e.g., processed foods, niche chemicals) to counterbalance the commodity-heavy export mix and capture more U.S. market share.
Frequently Asked Questions
How did Argentina - United States trade perform in 2024 Q2?
Argentina exported $1.62B to the U.S. with mixed YoY growth, while imports totaled $1.78B, showing steep YoY declines. The trade deficit stood at $160M.
What are the top exports from Argentina to United States?
Argentina’s top exports to the U.S. are Mineral fuels, oils, and distillation products (HS Code 27), accounting for 41.25% of total exports.
What does Argentina import from United States?
Argentina primarily imports Mineral fuels, oils, and distillation products (HS Code 27) from the U.S., making up 30.25% of total imports.
What is the trade balance between Argentina and United States?
Argentina recorded a trade deficit of $160M with the U.S. in Q2 2024, though export recovery in May-June suggests potential rebalancing.
Argentina - United States Trade 2024 Q1: Deficit Persists, Exports Rebound
Argentina's trade deficit with the U.S. narrowed in Q1 2024 as exports rose. Explore Argentina United States trade trends and top trading products with yTrade data.
Argentina - United States Trade 2024 Q3: Narrow Deficit, Resource-Tech Dynamic
Argentina's trade with the U.S. in Q3 2024 shows a narrow $40M deficit, driven by resource-for-tech exchanges. Explore Argentina United States trade trends and top trading products via yTrade data.
