Year over year, the overall value of Argentina’s exports fell by -24.4% starting from $88.3 billion in 2022.
Argentina is a relatively small player in international trade, responsible for about 0.3% of global export sales for all countries.
Argentina’s trading partners are relatively concentrated. The top 5 customers for Argentinian exports in 2023 were Brazil, United States of America, mainland China, Chile and Peru. Combined, that quintet of major importers for Argentinian products generated well over two-fifths (45.2%) of Argentina’s total export sales during 2023.
Applying a continental lens, more than one quarter (28.6%) of Argentina’s exports by value was delivered to Asian countries while 40.3% was sold to importers in Latin America excluding Mexico but including the Caribbean. Argentina shipped another 13.8% worth of goods to buyers in Europe.
Smaller percentages were bought by customers in North America (11.1%), Africa (5.2%), then Oceania’s (1%) Australia and New Zealand only.
Argentina’s Top Trading Partners
The list below showcases 25 of Argentina’s top trading partners, countries that imported the most Argentine shipments by dollar value during 2023. Also shown is each import country’s percentage of total Argentine exports.
- Brazil: US$11.9 billion (17.8% of Argentina’s total exports)
- United States: $5.6 billion (8.4%)
- mainland China: $5.2 billion (7.7%)
- Chile: $4.9 billion (7.4%)
- Peru: $2.54 billion (3.8%)
- India: $2.45 billion (3.7%)
- Vietnam: $2.1 billion (3.1%)
- Uruguay: $1.7 billion (2.6%)
- Netherlands: $1.6 billion (2.3%)
- Spain: $1.4 billion (2.2%)
- Colombia: $1.3 billion (1.9%)
- Malaysia: $1.26 billion (1.9%)
- Paraguay: $1.2 billion (1.8%)
- Switzerland: $1.19 billion (1.8%)
- South Korea: $1.18 billion (1.8%)
- Indonesia: $974.4 million (1.5%)
- Algeria: $895.3 million (1.3%)
- Mexico: $839.1 million (1.3%)
- Egypt: $814.9 million (1.2%)
- Italy: $802.6 million (1.2%)
- Canada: $799.6 million (1.2%)
- Germany: $762 million (1.1%)
- Saudi Arabia: $734.7 million (1.1%)
- Japan: $658.8 million (1%)
- United Kingdom: $603.9 million (0.9%)
About four-fifths (80.1%) of Argentina’s exports in 2023 was delivered to the above 25 trade partners.
Uruguay (up 10.8%) and Switzerland (up 9.5%) posted the strongest advances in their purchases from Argentina from 2022 to 2023. The other two gainers were fellow South American countries Peru (up 4.1%) and Chile (up 0.3%).
Recording the severest declines were buyers of Argentine exports in the Netherlands (down -56.3% from 2023), Indonesia (down -53.7%), India (down -46.1%), Algeria (down -44%) and South Korea (down -41.3%).
Countries Causing Greatest Trade Deficits for Argentina
Argentina incurred an overall -US$3.1 billion trade deficit for 2023, reversing a $12.1 billion trade surplus one year earlier in 2022.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Argentina incurred the highest trade deficits with the following countries.
- mainland China: -US$8.4 billion (country-specific trade deficit in 2023)
- Brazil: -$4.7 billion
- Paraguay: -$2.5 billion
- United States of America: -$2.4 billion
- Germany: -$1.9 billion
- Thailand: -$1.4 billion
- Italy: -$925.1 million
- France: -$708.4 million
- Bolivia: -$675.6 million
- Mexico: -$660.2 million
Among Argentina’s trading partners that cause the greatest negative trade balances, Argentinian deficits with Paraguay (up 339.4%), Brazil (up 82.2%) and Italy (up 75.3%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Argentina’s competitive disadvantages with the above countries, but also represent key opportunities for Argentina to develop country-specific strategies to strengthen its overall position in international trade.
Countries Resulting In Greatest Trade Surpluses for Argentina
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Argentina incurred the highest trade surpluses with the following countries.
- Chile: US$4.2 billion (country-specific trade surplus in 2023)
- Peru: $2.3 billion
- Uruguay: $1.2 billion
- India: $1.1 billion
- Malaysia: $976.9 million
- Colombia: $925 million
- Netherlands: $895.6 million
- Algeria: $802.4 million
- Vietnam: $742.7 million
- Indonesia: $661.9 million
Among Argentina’s trading partners that generate the greatest positive trade balances, Argentinian surpluses with Uruguay (up 257.9%), Peru (up 7.3%) and Chile (up 1.4%) grew from 2022 to 2023.
These positive cashflow streams clearly indicate Argentina’s competitive advantages with the above countries, but also represent key opportunities for Argentina to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Argentina’s Trading Partners
Not one of Argentina’s corporations ranks among Forbes Global 2000.
Wikipedia lists smaller-scale exporters from Argentina. Selected examples are shown below.
- Al Este (wine)
- Aluar (aluminum)
- Bridas Corporation (oil, gas)
- Bunge Limited (grains, oilseed)
- Grupo Arcor (chocolates, cookies, ice cream)
- La Serenísima (dairy products)
- Loma Negra (cement)
- SanCor (dairy products)
- Transportadora de Gas del Sur (natural gas)
- Zanella (motorcycles)
See also Argentina’s Top 10 Exports, Argentina’s Top 10 Imports and Top South American Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on May 16, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 16, 2024
Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on May 16, 2024
Investopedia, Net Importer Definition. Accessed on May 16, 2024
Wikipedia, List of Companies of Argentina. Accessed on May 16, 2024