Argentina - Uruguay Trade 2023 Q3: Export Surge & Volatility

Key Market Takeaways: Argentina - Uruguay Trade

The bilateral trade relationship between Argentina and Uruguay shows volatility with Argentina maintaining a dominant export position in Q3 2023.

• Economic Pulse: Argentina posted a $357.13M surplus, exporting $519.48M to Uruguay while importing $162.35M. Growth was erratic—August saw a 49.77% YoY export surge, but imports from Uruguay plummeted (-74.57% YoY in July).
• Exchange Structure: Argentina - Uruguay trade statistics reveal a resource-for-tech dynamic: Argentina supplies raw materials (HS 99, 32.84% share) and imports industrial inputs like vehicles (HS 87, 14.75% share).
• Strategic Interdependence: The partnership is complementary but lopsided—Argentina’s export dominance contrasts with Uruguay’s shrinking import role, suggesting supply chain recalibration.

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

Argentina-Uruguay Trade Trend in Q3 2023

Argentina Export Performance: Shipments to Uruguay

• Total Volume: $519.48M in Q3 2023.
• Growth Trend & Context:
  • Mixed YoY performance: +3.65% in July, +49.77% in August, then -7.12% in September.
  • August’s 51.38% MoM surge drove quarterly growth, but September saw a sharp -36.72% MoM drop.
• Key Volatility: August’s exports peaked at $226.51M, while September’s decline erased most gains.

Argentina Import Performance: Sourcing from Uruguay

• Total Volume: $162.35M in Q3 2023.
• Growth Trend & Context:
  • Steep YoY declines: -74.57% (July), -52.22% (August), -38.09% (September).
  • MoM recovery in July (+16.32%) and August (+14.75%) faltered in September (-2.47%).
• Key Volatility: August’s $57.03M was the quarterly high, but volumes remained depressed historically.

Argentina - Uruguay Trade Balance & Market Dynamics

• Net Position: $357.13M surplus for Argentina (Exports: $519.48M > Imports: $162.35M).
• Relationship Status: Argentina dominates as a net exporter, though imports from Uruguay contracted severely YoY.

Argentina Import Trend from Uruguay 2023 Q3 (Source: yTrade)**

Argentina Export Trend to Uruguay 2023 Q3 (Source: yTrade)**

Get Historical Argentina Uruguay Trade Records

Argentina-Uruguay Top Trading Products in Q3 2023

Argentina Export Profile: What Does Argentina Sell to Uruguay

• Top Commodity: HS Code 99 dominates with 32.84% share (170.58M).
• Demand Driver: Uruguay likely uses these exports for industrial processing, given the high share of raw materials/intermediates (e.g., HS 10, 27, 38).
• Concentration: The top export (HS 99) holds a 32.84% share, indicating moderate concentration but not outright dominance (>50%).

Argentina Import Profile: What Does Argentina Buy from Uruguay

• Top Commodity: HS Code 87 leads with 14.75% share (23.94M).
• Dependency Nature: Imports are mixed—HS 87 (vehicles) suggests industrial inputs, while HS 47 (wood pulp) and HS 12 (oilseeds) point to raw material reliance.

Argentina - Uruguay Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina exports raw materials (HS 99, 10, 27) and imports industrial goods (HS 87) and processed materials (HS 39, 48).
• Value Chain Position: Argentina holds a higher value-add position in exports (e.g., HS 99 likely includes processed goods), while Uruguay supplies intermediate industrial inputs.

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

Argentina’s trade surplus with Uruguay is expected to remain robust in Q4 2023, driven by sustained demand for raw materials (HS 99, 10, 27) despite September’s export dip. However, import recovery from Uruguay will likely stay sluggish due to persistent YoY declines, reinforcing Argentina’s net exporter dominance. Volatility in monthly export performance—especially the August surge followed by a sharp September drop—suggests traders should prepare for irregular shipment patterns. Long-term, the resource-for-tech complementarity between the two economies will deepen, but short-term headwinds (e.g., currency fluctuations, supply chain disruptions) warrant caution.

Strategic Moves

• Lock in Raw Material Contracts: Argentine exporters of HS 99 commodities should secure long-term agreements with Uruguayan buyers to stabilize revenue amid fluctuating monthly demand.
• Diversify Industrial Inputs: Argentine importers reliant on Uruguayan vehicles (HS 87) and wood pulp (HS 47) must scout alternative suppliers in Brazil or Paraguay to mitigate supply risks.
• Optimize Logistics for Volatility: Traders should adopt flexible shipping schedules and buffer inventories to manage the erratic MoM export swings observed in Q3.

Frequently Asked Questions

How did Argentina - Uruguay trade perform in 2023 Q3?

Argentina's exports to Uruguay totaled $519.48M in Q3 2023, with mixed YoY growth, while imports from Uruguay fell sharply to $162.35M, resulting in a $357.13M surplus for Argentina.

What are the top exports from Argentina to Uruguay?

The top export from Argentina to Uruguay is HS Code 99, accounting for 32.84% ($170.58M) of total exports, followed by raw materials and intermediates like HS 10, 27, and 38.

What does Argentina import from Uruguay?

Argentina primarily imports vehicles (HS Code 87, 14.75% share) and raw materials like wood pulp (HS 47) and oilseeds (HS 12) from Uruguay.

What is the trade balance between Argentina and Uruguay?

Argentina recorded a trade surplus of $357.13M with Uruguay in Q3 2023, driven by higher exports and significantly lower imports.