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 27% of its GDP (World Bank, latest data available). In 2023, the country's main exports included oilcake and other solid residues (11%), maize or corn (9.2%), motor vehicles for the transport of goods (6.5%), soya-bean oil and its fractions (5.9%), petroleum oils (5.6%); while imports were led by soya beans (7.6%), parts and accessories for tractors and motor vehicles (5.9%), petroleum oils (4.9%), petroleum gas (3.6%), and telephone sets (3.2% - data Comtrade). Data from INDEC show that the top 50 products out of 5,103 accounted for 75.6% of total exports. The largest export sectors were soybeans (20.9%), automotive (13.3%), oil and petrochemicals (12.6%), corn (9.6%), and beef and leather (5.3%), among others.

In terms of trading partners, the main export destinations in 2023 were Brazil (17.8%), the United States (8.5%), China (7.7%), Chile (7.4%), and Peru (3.8%). Conversely, imports came chiefly from Brazil (23.5%), China (19.6%), the United States (11.7%), Paraguay (5.3%), and Germany (3.8% - data Comtrade). Argentina signed several trade agreements. An important one is that between the EU and Mercosur, which seeks to reduce tariffs and improve market access among the two blocks. Signed in 2019 after two decades of talks, on 6 December 2024, an agreement on the free trade deal was announced. It is not yet approved and requires endorsement from all 27 EU member countries.

Argentina's trade balance is generally positive, although it fluctuated in recent years. According to the last available data from WTO, Argentina exported USD 66.7 billion worth of goods in 2023 and imported USD 73.7 billion (-24.4% and -9.5% year-on-year, respectively). As per services, exports stood at USD 16.5 billion (+13.8%) against USD 22.9 billion in imports (+6.9%). Therefore, the country’s trade balance was estimated to be negative -1.1% of GDP by the World Bank. Preliminary governmental figures for 2024 show that exports totalled USD 79.7 billion, up 19.4% year-on-year, driven by a 26.7% rise in volumes, despite a 5.8% price drop. Imports fell 17.5% to USD 60.8 billion, due to declines in both prices (-4.0%) and quantities (-14.0%), mainly in fuels and intermediate goods. However, motor vehicle imports rose. The trade balance shifted to a surplus of USD 18.9 billion, compared to a deficit of USD 6.9 billion in 2023.

 
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 20192020202120222023
Foreign Trade (in % of GDP) 32.630.233.131.526.6
Trade Balance (million USD) 18,23414,63118,69512,352-2,937
Trade Balance (Including Service) (million USD) 13,39112,09414,9955,529-9,353
Imports of Goods and Services (Annual % Change) -18.7-17.218.617.81.7
Exports of Goods and Services (Annual % Change) 9.8-17.48.54.6-7.5
Imports of Goods and Services (in % of GDP) 14.713.615.015.313.9
Exports of Goods and Services (in % of GDP) 17.916.618.116.212.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 20.15.33.94.04.1
Volume of imports of goods and services (Annual % change) -17.43.34.44.13.5

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, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

66.8 bn USD of products exported in 2023
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 11.0%
Maize or cornMaize or corn 9.2%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 6.5%
Soya-bean oil and its fractions, whether or not...Soya-bean oil and its fractions, whether or not refined (excl. chemically modified) 5.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 5.6%
See More Products 61.8%
73.7 bn USD of products imported in 2023
Soya beans, whether or not brokenSoya beans, whether or not broken 7.6%
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. 5.9%
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 4.9%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.6%
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%
See More Products 74.8%

Source: Comtrade, 2024. 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: February 2025