Argentina’s services exports in 2023 reached a record value of USD 16.5 billion, and grew 14.1% compared to 2022, while imports totalled USD 22.8 billion and increased 6.6% in year-on-year terms.
Main results
Argentina’s trade in services totalled USD 39.3 billion in 2023, which represented 9.6% growth over the previous year. Exports amounted to USD 16.5 billion, an all-time record, and were 14.1% higher than in 2022. Imports reached USD 22.8 billion and grew 6.6% y-o-y. As a result, the deficit was USD 6.3 billion, USD 631 million lower than in 2022.
Most of Argentina’s exports are concentrated in four categories: travel (32.9% of the total); business services (32.1%); telecommunications, computer and information (15.7%); and transport (12.3%).
It should be noted that knowledge-based services (KBS) exports reached their highest value since 2006 (USD 8.5 billion) and grew 2.8% compared to the previous year. This category includes those employment-intensive services of medium and high qualification levels, and which produce and transmit knowledge to the economy as a whole (including various business, healthcare, creative industries, IT and educational services).
The top ten markets that demanded Argentine services in 2023 were: United States, Brazil, Uruguay, Chile, United Kingdom, Spain, Paraguay, Mexico, Ireland and Germany. These ten countries account for 71.3% of total shipments.
In terms of global competitiveness, regardless of Argentina’s position at the global level, our country reveals advantages, and therefore has a better export capacity, in: personal, cultural and recreational services; travel; telecommunications, information technology and information; business services; and government goods and services.
Lastly, in relation to the results of trade in services for Argentina by mode of supply –that is, considering the location of the supplier and the consumer when the service is provided and their nationality–, 61% of exports during 2023 were cross-border (called mode 1), mainly explained by the provision of business services. Of the remaining exports, 34% correspond to the consumption of services by non-residents within our country (mode 2), essentially under the travel category; and 3% to the physical presence of Argentine service providers abroad (mode 4), mostly business-related.
For more information, please consult the full document here (Spanish only) and the data which is available in the section of statistics –Argentina– Total foreign trade.
