Argentina - Vietnam Trade 2023 Q1: Deficit Deepens

Key Market Takeaways: Argentina - Vietnam Trade

The bilateral trade relationship between Argentina and Vietnam deteriorated sharply in Q1 2023, with Argentina's exports collapsing amid a widening trade deficit.

• Deficit Deepens: Argentina posted a $112.33M trade deficit with Vietnam, as imports ($389.93M) far outpaced exports ($277.60M). Export volumes plummeted YoY (-73% in March), while imports grew steadily (+8-21%).
• Resource-for-Tech Exchange: Argentina - Vietnam trade statistics reveal a lopsided structure: 88% of Argentina’s exports are low-margin agricultural goods (cereals, soybean meal), while 77% of imports are high-value electronics (HS Code 85).
• Asymmetric Interdependence: Vietnam holds the strategic advantage, supplying critical tech inputs while Argentina remains locked in a commodity-dependent role.

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

Argentina-Vietnam Trade Trend in Q1 2023

Argentina Export Performance: Shipments to Vietnam

• Total Volume: $277.60M in Q1 2023.
• Growth Trend & Context:
  • YoY declines were severe: January (-26.69%), February (-45.55%), March (-73.02%).
  • No mitigating news to explain the collapse.
• Key Volatility: February saw a 20.2% MoM rebound, but March dropped -12.13%.

Argentina Import Performance: Sourcing from Vietnam

• Total Volume: $389.93M in Q1 2023.
• Growth Trend & Context:
  • Mixed YoY growth: January (+20.81%), February (+8.2%), March (+8.12%).
• Key Volatility: January surged 74.87% MoM, followed by a -9.24% correction in February.

Argentina - Vietnam Trade Balance & Market Dynamics

• Net Position: Trade deficit of $112.33M (Imports exceeded exports).
• Relationship Status: Argentina remains a net importer, with Vietnam maintaining a structural advantage in bilateral trade.

Argentina Import Trend from Vietnam 2023 Q1 (Source: yTrade)**

Argentina Export Trend to Vietnam 2023 Q1 (Source: yTrade)**

Get Historical Argentina Vietnam Trade Records

Argentina-Vietnam Top Trading Products in Q1 2023

Argentina Export Profile: What Does Argentina Sell to Vietnam

• Top Commodity: Rank #1 export is HS Code 10 (Cereals, likely soybeans or corn) at 45.60% of total exports to Vietnam.
• Demand Driver: Vietnam uses these for industrial processing (e.g., animal feed, food production).
• Concentration: Trade is highly concentrated, with HS Code 23 (Residues from food industries, like soybean meal) at 42.79%, making the top two categories 88.39% of exports.

Argentina Import Profile: What Does Argentina Buy from Vietnam

• Top Commodity: Rank #1 import is HS Code 85 (Electrical machinery/electronics) at 77.05% of total imports from Vietnam.
• Dependency Nature: Critical technology dependency, likely driven by consumer electronics or industrial components.

Argentina - Vietnam Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Argentina exports raw materials (cereals, residues) while importing high-tech goods (electronics).
• Value Chain Position: Vietnam holds the higher value-add position, supplying finished or intermediate tech products, while Argentina provides low-margin agricultural commodities.

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

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

Check Detailed Argentina-Vietnam Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast for Argentina-Vietnam Trade

The Argentina-Vietnam trade relationship faces near-term headwinds, with Argentina’s export collapse (-73% YoY in March) signaling weakening demand or supply-side disruptions. However, Vietnam’s steady import growth (+8-20% YoY) confirms its structural reliance on Argentine agricultural commodities. The trade deficit will likely persist unless Argentina diversifies exports or secures higher-value contracts. Expect volatility in Q2, with potential recovery if soybean and corn shipments stabilize.

Strategic Moves for Traders & Policymakers

• Lock in Commodity Contracts: Argentine agribusinesses must secure long-term supply agreements with Vietnamese buyers to mitigate price swings and stabilize export volumes.
• Diversify Export Mix: Argentina should reduce reliance on raw materials by promoting processed food or biofuels to capture higher margins in Vietnam’s industrial supply chains.
• Monitor Tech Dependency: Vietnamese electronics dominate Argentina’s imports (77%). Traders should explore alternative suppliers or local partnerships to balance the trade deficit and reduce overexposure.

Frequently Asked Questions

How did Argentina - Vietnam trade perform in 2023 Q1?

Argentina's exports to Vietnam fell sharply (-26.69% to -73.02% YoY), totaling $277.60M, while imports from Vietnam grew (+8.12% to +20.81% YoY), reaching $389.93M.

What are the top exports from Argentina to Vietnam?

Argentina primarily exports HS Code 10 (Cereals, like soybeans or corn) and HS Code 23 (Residues from food industries, such as soybean meal), accounting for 88.39% of total exports.

What does Argentina import from Vietnam?

Argentina's top import from Vietnam is HS Code 85 (Electrical machinery/electronics), making up 77.05% of total imports, likely driven by consumer electronics or industrial components.

What is the trade balance between Argentina and Vietnam?

Argentina recorded a trade deficit of $112.33M with Vietnam in Q1 2023, as imports significantly exceeded exports. The deficit reflects Vietnam's structural trade advantage.