Peru - Argentina Trade 2025 Q1: Lopsided Deficit

Key Market Takeaways: Peru - Argentina Trade

The bilateral trade relationship between Peru and Argentina remains heavily skewed toward imports in Q1 2025, with Peru running a significant deficit.

• Economic Pulse: Peru’s trade deficit with Argentina hit $680.71M in Q1 2025, driven by $748.12M in imports versus just $67.41M in exports—despite strong YoY export growth in March (+144.24%).
• Exchange Structure: Peru - Argentina trade statistics reveal a resource-for-food complementarity: Peru ships processed cocoa (21.64% of exports) and metals/minerals, while Argentina supplies critical agricultural staples like cereals (37.19% of imports).
• Strategic Interdependence: The partnership is defined by Peru’s reliance on Argentine food imports and Argentina’s demand for Peruvian raw materials—a lopsided but stable exchange.

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

Peru-Argentina Trade Trend in Q1 2025

Peru Export Performance: Shipments to Argentina

• Total Volume: $67.41M in Q1 2025.
• Growth Trend & Context:
  • YoY growth surged in March (+144.24%), offsetting a slower February (+16.24%). January’s 37% YoY rise set an early bullish tone.
  • Key Volatility: March saw a 40.65% MoM spike, the highest quarterly volatility.

Peru Import Performance: Sourcing from Argentina

• Total Volume: $748.12M in Q1 2025.
• Growth Trend & Context:
  • YoY started weak (-22.24% in January) but rebounded to +1.3% by March, signaling recovery.
  • Key Volatility: March imports peaked at $269.21M (9.61% MoM), while January’s -22.24% YoY was the lowest.

Peru - Argentina Trade Balance & Market Dynamics

• Net Position: Trade deficit of $680.71M (Imports dwarfed exports).
• Relationship Status: Peru remains heavily import-dependent on Argentina, with no near-term rebalancing evident from Q1 data.

(No news context was relevant or provided to explain trends.)

Peru Import Trend from Argentina 2025 Q1 (Source: yTrade)**

Peru Export Trend to Argentina 2025 Q1 (Source: yTrade)**

Get Historical Peru Argentina Trade Records

Peru-Argentina Top Trading Products in Q1 2025

Peru Export Profile: What Does Peru Sell to Argentina

• Top Commodity: Cocoa and cocoa preparations (HS 18) dominate, accounting for 21.64% of exports.
• Demand Driver: Argentina likely imports these for confectionery and food processing industries.
• Concentration: No single category exceeds 50%, but cocoa, minerals (HS 25, 27), and metals (HS 74, 73) collectively drive 64.27% of exports.

Peru Import Profile: What Does Peru Buy from Argentina

• Top Commodity: Cereals (HS 10) lead imports with a 37.19% share, followed by animal/vegetable fats (HS 15) at 17.81%.
• Dependency Nature: Reflects food security reliance, with cereals and fats critical for Peru’s agricultural and consumer sectors.

Peru - Argentina Trade Relationship Dynamics

• The Exchange Model: Resource-for-Food Complementarity. Peru exports processed goods (cocoa) and minerals/metals, while Argentina supplies agricultural staples (cereals, fats).
• Value Chain Position: Peru holds a slight edge in value-add with processed cocoa (HS 18) and refined metals (HS 74, 73), while Argentina’s exports are bulk commodities.

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

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

Check Detailed Peru-Argentina Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast for Peru-Argentina Trade

Peru’s trade deficit with Argentina is expected to persist in Q2 2025, driven by sustained demand for Argentine cereals and fats. However, the rebound in March imports (+1.3% YoY) suggests a stabilizing trend, while Peru’s cocoa and mineral exports could see further growth if Argentina’s confectionery and industrial sectors maintain momentum. Volatility will remain a risk, particularly in agricultural commodity pricing, but the complementary trade structure provides a stable foundation for incremental expansion.

Strategic Moves for Traders & Policymakers

• Diversify Export Markets for Cocoa: Peruvian exporters should aggressively target new buyers in Asia and Europe to reduce reliance on Argentina and capitalize on rising global demand for premium cocoa products.
• Lock in Cereal Supply Contracts: Given Argentina’s dominance in Peru’s food imports, traders should secure long-term agreements now to hedge against potential price spikes from weather or geopolitical disruptions.
• Invest in Value-Added Processing: Peru must shift from raw mineral and metal exports to higher-margin refined products (e.g., copper wires, alloy components) to narrow the trade deficit and strengthen its position in regional supply chains.

Frequently Asked Questions

How did Peru - Argentina trade perform in 2025 Q1?

Peru's exports to Argentina totaled $67.41M, showing strong YoY growth, while imports reached $748.12M, rebounding after a weak start. The trade deficit stood at $680.71M.

What are the top exports from Peru to Argentina?

Peru's top exports to Argentina include cocoa and cocoa preparations (HS 18), minerals (HS 25, 27), and metals (HS 74, 73), collectively driving 64.27% of exports.

What does Peru import from Argentina?

Peru primarily imports cereals (HS 10) and animal/vegetable fats (HS 15) from Argentina, accounting for 37.19% and 17.81% of imports, respectively.

What is the trade balance between Peru and Argentina?

Peru recorded a trade deficit of $680.71M with Argentina in Q1 2025, driven by significantly higher imports than exports. No near-term rebalancing is evident.