Argentina - Uruguay Trade 2024 Q3: Surplus & Energy Swaps

Key Market Takeaways: Argentina - Uruguay Trade

The bilateral trade relationship between Argentina and Uruguay shows growth with high volatility in Q3 2024.

• Argentina holds a $330.56M trade surplus, exporting $538.67M to Uruguay (+14.66% YoY peak in August) while importing $208.11M (+70.59% YoY in September).
• Argentina - Uruguay trade statistics reveal resource-for-resource swaps: Energy products (HS 27) dominate both flows, with Argentina also supplying pharmaceuticals (HS 30) and importing Uruguayan oilseeds (HS 12).
• Strategic interdependence is moderate, driven by geographic proximity and sectoral overlap in energy/agriculture, but lacks high-value chain integration.

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

Argentina-Uruguay Trade Trend in Q3 2024

Argentina Export Performance: Shipments to Uruguay

• Total Volume: $538.67M in Q3 2024.
• Growth Trend & Context:
  • Mixed YoY performance: July saw a -10.03% contraction, but August rebounded sharply (+14.66%), followed by near-stagnation in September (+0.68%).
• Key Volatility: August surged 92.92% MoM, while September plummeted -44.43%, indicating erratic demand or supply chain adjustments.

Argentina Import Performance: Sourcing from Uruguay

• Total Volume: $208.11M in Q3 2024.
• Growth Trend & Context:
  • Strong YoY growth: +70.59% in September capped a quarter of consistent expansion (July: +3.72%, August: +8.15%).
• Key Volatility: September imports spiked 53.84% MoM, suggesting accelerated procurement or seasonal demand.

Argentina - Uruguay Trade Balance & Market Dynamics

• Net Position: Argentina holds a $330.56M trade surplus with Uruguay (Exports: $538.67M, Imports: $208.11M).
• Relationship Status: Argentina maintains a dominant net exporter role, with exports 2.6x imports. Volatility in exports points to uneven demand or logistical shifts.

Argentina Import Trend from Uruguay 2024 Q3 (Source: yTrade)**

Argentina Export Trend to Uruguay 2024 Q3 (Source: yTrade)**

Get Historical Argentina Uruguay Trade Records

Argentina-Uruguay Top Trading Products in Q3 2024

Argentina Export Profile: What Does Argentina Sell to Uruguay

• Top Commodity: HS Code 27 (Mineral fuels, oils) dominates at 26.30% of exports.
• Demand Driver: Uruguay relies on Argentina for energy supplies, likely refined petroleum products.
• Concentration: The top two categories (HS 27 and 99) account for 52.22%, indicating heavy reliance on a narrow export basket.

Argentina Import Profile: What Does Argentina Buy from Uruguay

• Top Commodity: HS Code 27 (Mineral fuels, oils) leads at 19.86%, followed by HS 12 (oilseeds) at 18.81%.
• Dependency Nature: Energy (HS 27) and agricultural (HS 12) imports suggest Argentina sources raw materials and fuels from Uruguay, possibly for re-export or domestic processing.

Argentina - Uruguay Trade Relationship Dynamics

• The Exchange Model: Resource-for-Resource Complementarity. Both countries trade energy products (HS 27) and agricultural goods, indicating bilateral swaps within similar sectors rather than tech or high-value chains.
• Value Chain Position: Neither side clearly dominates in complexity. Argentina’s exports include pharmaceuticals (HS 30) and machinery (HS 85), while Uruguay’s imports skew toward bulk commodities. Trade is likely driven by geographic proximity and logistical efficiency.

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 2024, driven by sustained demand for energy exports (HS 27) and agricultural swaps. However, the erratic monthly volatility in exports signals potential supply chain disruptions or shifting Uruguayan procurement strategies, which could temper growth. Imports from Uruguay will likely continue their upward trajectory, fueled by Argentina’s need for raw materials and re-export inputs. Traders should prepare for a bilateral trade relationship that remains resource-heavy but increasingly sensitive to logistical and pricing fluctuations.

Strategic Moves

• Lock in Energy Contracts: With HS 27 (mineral fuels) dominating both exports and imports, Argentine exporters should secure long-term supply agreements to stabilize revenue amid volatile monthly swings.
• Diversify Export Basket: Reduce reliance on the top two HS codes (52.22% share) by promoting secondary sectors like pharmaceuticals (HS 30) or machinery (HS 85) to mitigate concentration risk.
• Optimize Cross-Border Logistics: The sharp MoM swings in trade volumes suggest inefficiencies in transport or inventory management. Invest in just-in-time systems or regional warehousing to smooth out delivery cycles.

Frequently Asked Questions

How did Argentina - Uruguay trade perform in 2024 Q3?

Argentina's exports to Uruguay totaled $538.67M, with mixed YoY growth (-10.03% in July, +14.66% in August). Imports from Uruguay reached $208.11M, showing strong YoY expansion (+70.59% in September).

What are the top exports from Argentina to Uruguay?

Argentina's top exports to Uruguay are Mineral fuels and oils (HS Code 27), accounting for 26.30% of shipments, followed by other key commodities under HS Code 99.

What does Argentina import from Uruguay?

Argentina primarily imports Mineral fuels and oils (HS Code 27) and oilseeds (HS Code 12) from Uruguay, making up 19.86% and 18.81% of imports, respectively.

What is the trade balance between Argentina and Uruguay?

Argentina holds a $330.56M trade surplus with Uruguay, with exports 2.6x higher than imports. The surplus reflects Argentina's dominant net exporter role in this bilateral trade.