What are Argentina’s Main Exports and Imports?

According to the Observatory of Economic Complexity (OEC), Argentina has the 45th largest export economy in the world. In 2018, Argentina became the 29th largest importer of consumer goods from the United States and exported a total of $61.6 billion dollars worth of goods around the world. Considering that the Argentine economy in the late 90s was very unstable due to the country’s rising debt and inflation, it’s safe to say that they’re doing pretty well.

This all thanks to measures taken by the Argentine government in increase their trade and exports. Inflation rates, however, are still significantly high which still affects Argentina’s overall economic development.

Exports

The South American country is one of the world’s main crop producing nations—responsible for up to 54% of their exports—making crops in general the main export of Argentina. These crops include wheat, soybeans, corn, barley, rice, flax seed, sugarcane, cotton, citrus fruits, and grapes. Argentina is actually the world’s 5th largest wheat producer and exporter in the world.

At least 31% of their total exports include industrial goods. This would include cars, auto parts, steel, aluminum, and chemicals. The country produces about 818,000 barrels of crude oil per day and they have an estimated 552 million tons of coal in deposit form in Santa Cruz alone.

Here’s a List of Argentina’s Top Exports and Value as of 2018:

• Soybean Meal ($9.2 billion—15% of their total exports)
• Corn ($4 billion—6.8% of their total exports)
• Soybean oil ($3.88 billion—6.6% of their total exports)
• Delivery trucks and cars ($7.38 billion—12% of their total exports)
• Soybeans ($2.82 billion—4.8% of their total exports)
• Meat ($2.5 billion—4.1% of their total exports)
• Mineral fuels including oil ($2.9 billion—4.1% of their total exports)

Argentina’s mineral fuels and oil are the fastest-growing commodities out of all their top exports. Their top exports account for 68.6$—two thirds—of their overall global shipment value.

Where Does Argentina Export to? While Argentina’s location has enabled it to become a top competitor in the global trade market, the partnership with its neighboring countries have helped it tremendously. This is especially because trade with China, their once second-largest trading partner, tried to back out of trade negotiations when the country enacted their anti-dumping policies.

Due to the country’s location, they’re major destinations for export include:

• Brazil, accounting for 16% of its export destinations and about $9.3 billion in yearly revenue
• The United States, accounting for 7.8% of its export destinations and about $4.6 billion in yearly revenue
• China, accounting for 7.4% of its export destinations and about $4.38 billion in yearly revenue
• Chile, accounting for 4.7% of its export destinations and about $2.77 billion in yearly revenue
• Vietnam, accounting for 3.8% of its export destinations and about $2.27 billion in yearly revenue

Argentina also exports commodities to India (making up 3.6% of its export destinations), and Spain (making up 2.6% of its export destinations). Other lesser export destinations include Indonesia, Malaysia, the Netherlands, Italy, Germany, the United Kingdom, Switzerland, Canada, Algeria, and Egypt.

Imports

In 2018, Argentina imported about $65.4 billion dollars worth of goods from around the world. Overall, about a third of all imported goods came from neighboring Latin American countries, including the Caribbean. Taking into consideration their population of 44.7 million citizens, their total imports equate to $1,500 in yearly product demand.

Here’s a List of Argentina’s Top Imports and Values:

• Vehicles ($13.2 billion—19.8% of their total imports)
• Machinery ($9.9 billion—14.9% of their total imports)
• Electrical equipment ($8.6 billion—12.9% of their total imports)
• Mineral fuels/oil ($5.5 billion—8.2% of their total imports)
• Plastics ($2.4 billion—3.6% of their total imports)
• Pharmaceuticals ($2.4 billion—3.6% of their total imports)
• Organic chemicals ($2.3 billion—3.5% of their total imports)
• Medical equipment ($1.8 billion—2.7% of their total imports)
• Other chemical goods ($1.4 billion—2.3% of their total imports)
• Iron and steel ($1.3 billion—1.9% of their total imports)
• Iron and steel imports have increased in value, almost doubling between 2017 and 2018 by 92.7%. Vehicles are their second fastest increasing import with a 36.9% incline.

Where Does Argentina Import From? The major players responsible for the majority of Argentina’s imports include but are not limited to:

• Brazil, accounting for 27% of its total import origins and about $17.8 billion in costs
• China, accounting for 19% of its total import origins and about $12.6 billion in costs
• The United States, accounting for 11% of its total import origins and about $7.33 billion in costs
• Germany, accounting for 4.9% of its total import origins and about $3.26 billion in costs
• Mexico, accounting for 3.1% of its total import origins and about $2 billion in costs

Argentina also imports from Bolivia, Thailand, Japan, India, Italy, Spain, France, accounting for 1.9%, 1.9%, 1.6%, 1.2%, 2.5%, 2.2%, and 2% in total import origins, respectively. Argentina is the 42nd largest Importer of the world, and as a major player in the global trade economy, the country continues to impress with their numbers in exportation in regards to their size and location.