Argentine trade exchange – Year 2023

Highlights

• In 2023, exports totalled US$ 66.8 billion, which implied a year-on-year contraction of 24.5%, explained by a 16.4% drop in quantities and a 9.7% fall in prices, as a result of the drought that affected shipments of Primary products and Manufactures of agricultural origin.
• Imports amounted to US$ 73.7 billion and fell 9.6% in year-on-year terms, as a result of a 5.8% fall in prices and 4.1% drop in quantities. This was 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 increase in prices was not enough to offset the fall in quantities.
• The trade balance recorded a deficit of US$ 6.9 billion, due to a greater contraction in exports than in imports. In 2022, a surplus of US$ 6.9 billion had been reached.

• The most significant drops in exports were in soybean meal and pellets (−US$ 4.0 billion), wheat (−US$ 3.3 billion), corn (−US$ 3.1 billion), crude soybean oil (−US$ 3.0 billion) and soybeans (−US$ 2.3 billion); while the largest increases were recorded in soybean oil −excluding crude soybean oil− (US$ 248 million), passenger motor vehicles (US$ 215 million), unalloyed aluminium and motor vehicles for the transportation of goods (US$ 191 million).
• In relation to the soybean complex, prices of crude oil (−28.3%), biodiesel (−19.9%) and beans (−8.5%) decreased, while those of meal and pellets increased by 2.0%. In terms of exported quantities, those of biodiesel (−77.0%), beans (−65.9%), meal and pellets (−35.0%) and crude oil (−24.5%) fell.
• Regarding imports, the most significant were the increased purchases of soybeans (US$ 3.5 billion) –for processing for export because of the fall in local production as a result of the drought– and parts for engines, electric generators, generator sets and electric rotary converters (US$ 168 million); while purchases of diesel oil (−US$ 2.4 billion), liquefied natural gas (−US$ 767 million), gaseous natural gas (−US$ 816 million) and fuel oil (−US$ 435 million) decreased.

• The main export destinations were Brazil, with a share of 17.8%, the EU, 10.3%, the United States, 8.5%, and China, 7.9%. The same partners stood out as import origins: Brazil, 23.5%, China, 19.7%, the EU, 14.5%, and the United States, 11.7%.
• The largest surpluses were obtained in trade with Chile (US$ 4.2 billion), Peru (US$ 2.3 billion), Uruguay (US$ 1.2 billion) and India (US$ 1.0 billion), while the main deficits were recorded with China (−US$ 9.2 billion), Brazil (−US$ 5.5 billion), the United States (−US$ 3.0 billion), Paraguay (−US$ 2.7 billion), Germany (−US$ 2.0 billion) and Thailand (−US$ 1.5 billion).