Argentina is a relatively closed market to international trade, which accounts for around 32% of its GDP (World Bank, latest data available). In 2022, the country's main exports included oilcake and other solid residues (12.9%), maize or corn (10.5%), soya-bean oil and its fractions (7.1%), motor vehicles for the transport of goods (4.7%), wheat and meslin (4.5%); while imports were led by petroleum oils (8.3%), petroleum gas (5.2%), parts and accessories for tractors and motor vehicles (4.6%), telephone sets (3.2%), and soya beans (2.6% - data Comtrade).
In terms of trading partners, the main export destinations in 2022 were Brazil (14.3%), China (9%), the United States (7.6%), Chile (5.7%), and India (5.1%). Conversely, imports came chiefly from China (21.5%), Brazil (19.6%), the United States (12.7%), Germany (3.3%), and Bolivia (2.7% - data Comtrade). The European Union accounted for 12.3% of exports and 13.6% of the purchases. The highest surpluses corresponded to trade with Chile (USD 4.16 billion), India (USD 2.7 billion), the Netherlands (USD 2.68 billion), Peru (USD 2.14 billion), and Vietnam (USD 1.99 billion – official governmental data).
Argentina's trade balance is generally positive, although it fluctuated in recent years. According to the last available data from WTO, Argentina exported USD 88.4 billion worth of goods in 2022 and imported USD 81.5 billion (+13.4% and +29% year-on-year, respectively). As per services, exports stood at USD 14.4 billion (+53%) against USD 21.2 billion in imports (+62.6%). In the same year, the country’s trade balance was estimated to be positive by 0.9% of GDP by the World Bank. Preliminary figures from the Ministry of Commerce show that, in 2023, exports totalled USD 66.7 billion and imports amounted to USD 73.7 billion (-16.4% in volume and -9.7% in terms of value), resulting in a negative trade balance of USD 6.9 billion (-4.1% in volume and -5.8% in terms of value).
Source:World Bank- Latest available data.
