Argentina - Uruguay Trade 2023 Q2: Surplus & Volatility

Key Market Takeaways: Argentina - Uruguay Trade

The bilateral trade relationship between Argentina and Uruguay shows mixed growth and volatility in Q2 2023, with Argentina maintaining a dominant surplus.

• Economic Pulse: Argentina posted a $264.66M trade surplus, exporting $402.74M to Uruguay while importing just $138.08M. Volatility marked both sides, with exports swinging from double-digit growth to declines, and imports collapsing YoY.
• Exchange Structure: Argentina - Uruguay trade statistics reveal deep supply chain integration, with Argentina supplying raw materials (e.g., ores, agri-products) and Uruguay exporting higher-value goods like vehicles and machinery.
• Strategic Interdependence: The relationship is complementary but uneven—Argentina’s export dominance contrasts with Uruguay’s role in processed goods, suggesting potential friction or shifting sourcing patterns.

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

Argentina-Uruguay Trade Trend in Q2 2023

Argentina Export Performance: Shipments to Uruguay

• Total Volume: $402.74M in Q2 2023.
• Growth Trend & Context: Mixed YoY performance—April surged 46.6%, but May dropped 2.07% before June rebounded (6.02%). No news to explain volatility.
• Key Volatility: May saw a sharp 29.86% MoM decline, while April’s 15.29% MoM growth was the quarter’s high.

Argentina Import Performance: Sourcing from Uruguay

• Total Volume: $138.08M in Q2 2023.
• Growth Trend & Context: Severe YoY contractions: April (-47.22%), May (-69.77%), June (-83.76%). No news context provided.
• Key Volatility: May’s imports spiked 52.24% MoM, but June plunged 25.76%—extreme swings suggest unstable demand or supply disruptions.

Argentina - Uruguay Trade Balance & Market Dynamics

• Net Position: $264.66M surplus for Argentina (Exports $402.74M > Imports $138.08M).
• Relationship Status: Argentina dominates as a net exporter, but collapsing imports from Uruguay signal potential bilateral trade friction or shifted sourcing.

Argentina Import Trend from Uruguay 2023 Q2 (Source: yTrade)**

Argentina Export Trend to Uruguay 2023 Q2 (Source: yTrade)**

Get Historical Argentina Uruguay Trade Records

Argentina-Uruguay Top Trading Products in Q2 2023

Argentina Export Profile: What Does Argentina Sell to Uruguay

• Top Commodity: HS Code 99 (21.05% share).
• Demand Driver: Uruguay likely uses these exports for industrial processing, given the mix of raw materials and intermediates (e.g., HS 27, 23, 15).
• Concentration: No single category dominates (>50% share), but HS 99, 27, and 23 collectively account for 44.15% of exports.

Argentina Import Profile: What Does Argentina Buy from Uruguay

• Top Commodity: HS Code 87 (18.88% share).
• Dependency Nature: Primarily industrial goods (e.g., vehicles, machinery) and agricultural products (e.g., HS 04, 15), suggesting a mix of supply chain and food security dependencies.

Argentina - Uruguay Trade Relationship Dynamics

• The Exchange Model: Deep Supply Chain Integration, with both sides trading similar categories (e.g., HS 87, 39, 15). Argentina exports raw materials (HS 27, 23) and imports processed goods (HS 87, 39).
• Value Chain Position: Uruguay holds a slight edge in higher-value exports (e.g., vehicles under HS 87), while Argentina supplies bulk commodities (e.g., ores under HS 27).

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

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

Check Detailed Argentina-Uruguay Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Argentina-Uruguay trade relationship is poised for volatility in the near term, driven by Argentina’s erratic export performance and Uruguay’s collapsing imports. While Argentina maintains a strong surplus, the sharp YoY declines in Uruguayan purchases suggest underlying friction—potentially due to shifting sourcing strategies or supply chain disruptions. Traders should anticipate continued instability, particularly in industrial goods (HS 87) and raw materials (HS 27, 23), as both nations recalibrate their trade flows. Without intervention, Argentina risks losing its export dominance in key categories.

Strategic Moves

• Secure Long-term Contracts for Raw Materials: Argentine exporters of HS 27 and 23 commodities must lock in agreements with Uruguayan buyers to stabilize demand amid fluctuating volumes.
• Diversify Import Sources for Industrial Goods: Argentina’s reliance on Uruguayan vehicles (HS 87) is unsustainable given the import collapse. Buyers should scout alternative suppliers in Brazil or Paraguay to mitigate risk.
• Optimize Logistics for Cross-Border Trade: The extreme MoM swings in both directions signal inefficiencies. Traders must adopt agile inventory systems and streamline customs processes to reduce delays and costs.

Frequently Asked Questions

How did Argentina - Uruguay trade perform in 2023 Q2?

Argentina exported $402.74M to Uruguay, with mixed YoY growth, while imports from Uruguay dropped sharply to $138.08M, resulting in a $264.66M surplus for Argentina.

What are the top exports from Argentina to Uruguay?

The top exports include HS Code 99 (21.05% share), along with HS 27 and 23, collectively accounting for 44.15% of Argentina’s exports to Uruguay.

What does Argentina import from Uruguay?

Argentina primarily imports industrial goods like vehicles (HS Code 87, 18.88% share) and agricultural products, reflecting supply chain and food security dependencies.

What is the trade balance between Argentina and Uruguay?

Argentina recorded a $264.66M trade surplus with Uruguay in Q2 2023, driven by higher exports and collapsing imports. The gap widened significantly due to Uruguay’s import declines.