Argentina Import and Export Statistics 2024 — 16 Key Figures

Argentina’s imports and exports hang in the balance as the country faces the after-effects of severe drought. The Buenos Aires Grains Exchange reported a 23% lower dollar exchange due to a decrease in wheat, corn, and soybean production. 

The increasing hot temperature and scarce rainfall deteriorated the crop’s productivity. Additionally, 900,000 hectares of soybean and wheat are unplanted due to high humidity and a lack of water reserves. 

As an export-oriented agricultural sector, the country suffered 40% of crop loss in the first quarter of 2023. Furthermore, the USDA announced that Argentina is no longer part of the world’s top 3 list of soybean exporters as the country’s soy produce decreases by 8 million tons. 

Additionally, the Agrarmarkt Informations-Gesellschaft study reveals that China’s soybean consumption is likely to decline by 113.3 million tons which can potentially hurt Argentina’s export market gains. 

Argentina’s Import and Export Figures in 2024

Argentina’s Ministry of Foreign Affairs, International Trade and Worship documented the country’s imports and exports in the first quarter of 2023:

1. For the first two months of 2023, Argentina’s exports totaled $10.2 billion and imports amounted to $10.4 billion. This resulted in a $261 million trade deficit balance.

2. Argentina’s largest imports for the first quarter of 2023 are the following:

• Soybeans = US$ 161 million
• Electrical energy = US$ 121 million
• Iron or steel pipes used in oil and gas pipelines = US$ 86 million

3. Brazil, China, and the United States accumulated 32.8% of Argentina’s exports and supplied 54.1% of their imports for the first 2 months of 2023.

4. The Wines of Argentina website reports that the country’s Regenerative Cultivation Practice seeks to produce 100% organic and biodynamic Argentinian wine by 2025. 

5. Martina Galeano, an oenologist at Bodegas Casarena predicted that the increasing heat due to climate change will have negative effects on Argentina’s wine import capacity as 50% of its vineyards rely heavily on irrigation. 

6. According to the International Monetary Fund, Argentina’s Sustainable Energy Project, the Néstor Kirchner gas pipeline in Vaca Muerta will boost the country’s crude oil and gas exports in 2025.

7. According to Latam Mobility, the country’s National Sustainable Transport Plan requires 10% of electric vehicle imports to aid its clean energy transition by 50% in 2030 and 100% by 2050.

8. According to the Observatory of International Trade in Universidad Nacional de Luján, Buenos Aires, Argentina, the government’s Electric Mobility Law seeks to manufacture and import 90% of EVs. 

9. Argentina’s billions of debt to the International Monetary Fund prompt the country to source American and Canadian mining investments to increase its gold, copper, and silver exports to $10 billion by 2030. 

10. The International Finance Corporation reported that Argentina’s RenovAr looks to diversify the country’s energy matrix, reduce imported fossil fuel dependence, and decrease carbon emissions by producing 20% of its electricity from renewable sources by 2025.

11.  The U.S. Department of Agriculture projected flat Argentina imports of consumer-oriented food and beverages such as food ingredients, plant-based products, pork products, and seafood products in 2023 as the country faces economic uncertainty, weak consumer spending, and a high inflation rate. 

12. The World Bank predicted that by 2030, Argentina’s lithium exports can cover 20% of the world’s demand.

The World Top Exports recorded Argentina’s top import and export products, services, and partnerships:

13. Argentina’s top exports:

• Cereals = US$14.4 billion (16.4% of total exports)
• Food industry waste, animal fodder = $9.7 billion (11.0%)
• Animal/vegetable fats, oils, and waxes = $7.8 billion (8.8%)
• Vehicles = $7.5 billion (8.5%)
• Mineral fuels including oil = $5.8 billion (6.5%)
• Oil seeds = $4.2 billion (4.8%)
• Meat= $4 billion (4.6%)
• Other chemical goods = $2.8 billion (3.2%)
• Gems, precious metals = $1.8 billion (2.1%)
• Fish = $1.7 billion (2.0%)

14. Argentina’s top export destinations:

• Brazil = ($11.2B)
• China = ($5.93B)
• United States = ($4.55B)\
• India = ($4.19B)
• Chile = ($3.93B)

15. Argentina’s top imports:

• Motor vehicles; parts and accessories (8701 to 8705) = ($2.99B)
• Refined Petroleum = ($2.69B)
• Petroleum Gas = ($2.35B)
• Soybeans = ($2.26B)
• Vaccines, blood, antisera, toxins, and cultures = ($1.76B)

16.  Argentina’s top import partners:

• China = ($12.6B)
• Brazil = ($12B
• United States = ($6.41B)
• Germany = ($2.68B)
• Paraguay = ($2.65B)