Argentine trade exchange - January-November 2023

Friday, 22 December 2023

In the first eleven months of the year, exports totalled US$ 61.5 billion and imports amounted to US$ 69.5 billion. The trade balance recorded a deficit of US$ 8 billion.



  • Between January and November, exports totalled US$ 61.5 billion, representing a year-on-year contraction of 25.3%, accounted for by a 17.2% drop in quantities and a 9.8% drop in prices.
  • Imports amounted to US$ 69.5 billion and declined 9.2% year-on-year, as a result of a fall of 6.6% in prices and of 2.8% in quantities. This is mainly due to lower prices and quantities of imported Fuels and lubricants. On the other hand, imports of Parts and accessories for capital goods increased, both due to higher quantities and higher prices. In the case of Motor Vehicles, the rise in prices was not enough to offset the decline in quantities.
  • The trade balance recorded a deficit of US$ 8 billion, due to a greater contraction in exports than in imports. In the first eleven months of 2022 it had reached a US$ 5.8 billion surplus.

Gráfico 1

  • The most significant drops in exports were in soybean meal and pellets (−US$ 3.7 billion), wheat (−US$ 3.2 billion), maize (−US$ 2.9 billion), crude soybean oil (−US$ 2.7 billion) and soybeans (−US$ 2.2 billion); while the largest increases were in soybean oil −excluding crude− (US$ 253 million), passenger motor-vehicles (US$ 202 million), unalloyed aluminium and motor vehicles for the transport of goods (US$ 157 million).
  • In relation to the soybean complex, the prices of meal and pellets increased 2.2%, while prices of crude oil (−28.9%), biodiesel (−19.8%) and beans (−8.3%) decreased. Regarding exports, biodiesel (−75.9%), beans (−66.3%), meal and pellets (−34.7%) and crude oil (−22.7%) fell.
  • With respect to imports, the most important purchases were soybeans (US$ 3.2 billion) and iron or steel pipes used in oil and gas pipelines (US$ 184 million), while those of gas oil (−US$ 2.3 billion), liquefied natural gas (−US$ 767 million), gaseous natural gas (−US$ 758 million) and fuel oil (−US$ 435 million) decreased.

Gráfico 2

  • The three main trading partners, Brazil, China and the United States, together accounted for 33.9% of the exports and 55.1% of the imports. In turn, the European Union accounted for 10.3% of the shipments and 14.5% of the purchases.
  • The largest surpluses were obtained in trade with Chile (US$ 3.8 billion), Peru (US$ 2.1 billion), Uruguay (US$ 1.1 billion) and India (US$ 949 million); while the main deficits were recorded with China (−US$ 8.8 billion), Brazil (−US$ 5.6 billion), the United States (−US$ 3.2 billion), Paraguay (−US$ 2.5 billion), Germany (−US$ 2.0 billion) and Thailand (−US$ 1.4 billion).