Argentina flag Argentina: Economic and Political Overview

Foreign trade figures of Argentina

Foreign Trade in Figures

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).

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 49,12442,35463,18581,52273,715
Exports of Goods (million USD) 65,11654,88477,93588,44566,787
Imports of Services (million USD) 19,64612,02813,10121,39622,893
Exports of Services (million USD) 14,8029,4929,49914,48716,490

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 30.832.630.233.032.1
Trade Balance (million USD) -74318,23414,63118,69612,353
Trade Balance (Including Service) (million USD) -9,67813,39112,09415,0935,443
Imports of Goods and Services (Annual % Change) -4.5-18.7-18.522.017.4
Exports of Goods and Services (Annual % Change) 0.69.8-17.79.25.7
Imports of Goods and Services (in % of GDP) 16.314.713.614.915.3
Exports of Goods and Services (in % of GDP) 14.417.916.618.016.8

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -13.428.93.94.03.8
Volume of imports of goods and services (Annual % change) -4.53.73.52.93.1

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Argentina is a member of the following international economic organisations: Latin American and the Caribbean Economic System, WTO, Mercosur, IMF, G-15, G-20, G-24, G-77, ICC, among others. For the full list of economic and other international organisations in which participates Argentina click here. International organisation membership of Argentina is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Argentina can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
Brazil 17.8%
United States 8.5%
China 7.7%
Chile 7.4%
Peru 3.8%
See More Countries 54.8%
Main Suppliers
(% of Imports)
2023
Brazil 23.5%
China 19.6%
United States 11.7%
Paraguay 5.3%
Germany 3.8%
See More Countries 36.1%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

88.5 bn USD of products exported in 2022
Oilcake and other solid residues, whether or not...Oilcake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of soya-bean oil 12.9%
Maize or cornMaize or corn 10.5%
Soya-bean oil and its fractions, whether or not...Soya-bean oil and its fractions, whether or not refined (excl. chemically modified) 7.1%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 4.7%
Wheat and meslinWheat and meslin 4.5%
See More Products 60.3%
81.5 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 8.3%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 5.2%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 4.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.2%
Soya beans, whether or not brokenSoya beans, whether or not broken 2.6%
See More Products 76.1%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: April 2024