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According to the most recent data, Argentina is the world's 24th-largest export economy. The country has a negative trade balance of minus 1.7 billion dollars, with annual exports of 60.8 billion dollars and imports of 62.5 billion dollars.
Argentina’s Top Trading Partners
Argentina exported 54.8 billion dollars in goods to the rest of the world in 2020. This figure represents a minus 5 percent decrease since 2016 and a minus 15.8 percent decrease from 2019 to 2020.
Using a continental perspective, 31.7 percent of Argentina's exports by value were delivered to other Latin American countries excluding Mexico but including the Caribbean, while 29.6 percent were sold to Asian importers.
Another 14 percent of goods were shipped to Europe, with 12.4 percent going to Oceania, led by Australia.
Buyers in Africa account for 6.5 percent and North America account for 6.5 percent altogether consumed a lower percentage of 5.7 percent.
The following list features 15 of Argentina's top trading partners, countries that imported the most Argentine shipments in terms of dollar value in 2020.
Each import country's percentage of total Argentine exports is also shown.
Brazil with 6.9 billion dollars or 12.5 percent of Argentina's total exports
6.2 billion dollars in China which stand at 11.3 percent
3.7 billion dollars for Vietnam which stands for 6.8 percent
3 billion dollars for Chile which is 5.5 percent
2.86 billion dollars for India which is 5.2 percent
2.1 billion dollars in the United States standing at 3.8 percent
1.7 billion dollars for Indonesia standing at 3.1 percent
1.6 billion dollars in the Netherlands which is 3 percent
1.33 billion dollars for Egypt standing at 2.4 percent
Algeria received 1.29 billion which is 2.3 percent
1.28 billion for Peru accounts for 2.3 percent
Spain receives 1.3 billion dollars at 2.3 percent
With 1.02 billion dollars Malaysia received 1.9 percent
970.4 million in Switzerland accounts for 1.8 percent
883.9 million dollars for Saudi Arabia accounts for 1.6 percent
In 2020, the above 15 trade partners will account for roughly two-thirds or 65.9 percent of Argentina's exports.
India increased its import purchases from Argentina by the greatest percentage, up 55.3 percent from 2019 to 2020 according to the above list of top importers.
Egypt came in second with a 46.5 percent increase, followed by Vietnam up by 35 percent, Malaysia with 17.8 percent, and Chile up by 12.7 percent.
Switzerland was down by 38.5 percent year on year, the United States was down by minus 28.1 percent, and Algeria has the steepest year-on-year declines as it came down by minus -13.1 percent.
Argentina’s Top 10 Imports
The Argentine Republic, which is mostly located in South America's southern cone-shaped region, imported 42.4 billion dollars in goods in 2020.
This figure reflects a minus 23.8 percent drop since 2016 and a minus 13.8 percent drop from 2019 to 2020.
According to the average 2020 exchange rate, the Argentine peso has depreciated by a massive minus 378 percent against the US dollar since 2016 and by minus 46.5 percent from 2019 to 2020.
Because of Argentina's weaker local currency, imports paid for in stronger US dollars are relatively more expensive when converted from the Argentine peso.
From a continental standpoint, Asia accounted for one-third or 33.3 percent of Argentina's total imports by value in 2020.
Trade partners in Latin America, excluding Mexico, supplied 32.1 percent, while Europe supplied 18.2 percent and North America supplied 16.9 percent.
Africa with 1.6 percent and Oceania, led by Australia, provided lower percentages with 0.4 percent.
With a population of 45.4 million people, Argentina's total 42.4 billion dollars in 2020 imports equates to roughly 950 dollars in annual product demand from each person in the South American country.
During 2020, the following product groups have the highest dollar value in Argentina's import purchases.
The percentage share of each product category in terms of total imports into Argentina is also shown.
6.4 billion dollars for machinery, including computers, accounted for 15.1 percent of total imports
4.8 billion for electrical machinery and equipment accounted for 11.3 percent
4.6 billion dollars for automobiles accounted for 10.9 percent
2.6 billion dollars for mineral fuels, including oil accounted for 6.1 percent
2.5 billion dollars for organic chemicals account for 6 percent
2.14 billion dollars in pharmaceuticals accounts for 5.1 percent
Plastics and plastic products got 2.11 billion which is 5 percent
2.1 billion dollars for oil seeds account for 4.9 percent
1.3 billion dollars in other chemical goods account for 3 percent
Optical, technical, and medical equipment with 1.2 billion dollars account for 2.8 percent
The top ten product categories account for 70 percent of Argentina's total import purchases.
From 2019 to 2020, three categories increased: oil seeds which were up by 23.4 percent, organic chemicals up by 7.2 percent, and pharmaceuticals up by 2.6 percent.
The most significant decreases were in Argentine imports of mineral fuels, including oil at minus 38.8 percent, and electrical machinery and equipment down by minus 25.9 percent.
Argentina’s Top 10 Exports
In 2020, the Argentine Republic shipped $54.8 billion in goods around the world.
This figure represents a minus 5 percent decrease since 2016 and a minus 15.8 percent decrease from 2019 to 2020.
According to the average 2020 exchange rate, the Argentine peso has depreciated by a massive minus 378 percent against the US dollar since 2016 and by minus 46.5 percent from 2019 to 2020.
Argentina's weaker peso makes exports paid for in stronger US dollars less expensive for international buyers.
According to the most recent available country-specific data from 2019, importers in Brazil stand at 20.4 percent of the global total, Australia at 12.2 percent, China at 9.7 percent, the United States at 4.4 percent, Vietnam at 4.2 percent, Chile at 4.1 percent, India with 2.8 percent, the Netherlands with 2.5 percent, Indonesia with 2.4 percent, Switzerland also with 2.4 percent, Algeria with 2.3 percent, and Peru purchased 69.7 percent of Argentina's exports at 2.2 percent.
The export product groups listed below have the highest dollar value in Argentine global shipments in 2020.
The percentage share of each export category in terms of total Argentina exports is also shown.
Cereals with 8.9 billion dollars stand at 16.2 percent of total exports
8.5 billion dollars in food waste and animal fodder account for 15.4 percent
4.8 billion dollars in animal/vegetable fats, oils, and waxes account for 8.7 percent
3.4 billion dollars for oil seeds account for 6.2 percent
3.3 billion dollars for meat account for 6 percent
3.3 billion dollars for automobiles account for 6 percent
2.1 billion dollars for mineral fuels, including oil account for 3.8 percent
2 billion dollars in gems and precious metals account for 3.6 percent
1.6 billion dollars for fish account for 3 percent
1.1 billion in dairy, eggs, and honey account for 2 percent
Argentina's top ten exports accounted for more than two-thirds which is 71 percent of the total value of its global shipments.
Dairy, eggs, and honey were the fastest-growing of the top ten export categories, increasing by 22.6 percent from 2019 to 2020.
Animal or vegetable fats, oils, and waxes were the only product category to increase export sales by 1.5 percent.
Vehicles were the leading decliner among Argentina's top ten export categories, with a minus 43.4 percent drop year on year.
Argentina's total exported goods account for 5.9 percent of its overall Gross Domestic Product was valued at 924.5 billion dollars in Purchasing Power Parity US dollars in 2020.
In 2020, exports will account for 5.9 percent of total GDP in PPP terms, compared to 7.2 percent in 2019.
Those percentages indicate a decreasing reliance on products sold in international markets for Argentina's total economic performance, albeit over a short timeframe.
The unemployment rate is another important indicator of a country's economic performance.
According to the International Monetary Fund, Argentina's unemployment rate was 11.7 percent in September 2020, up from an average of 9.2 percent a year earlier.
Buenos Aires is Argentina's capital city.
Sources :
https://www.worldstopexports.com/argentinas-top-10-exports/
https://www.worldstopexports.com/argentinas-top-10-imports/
https://www.worldstopexports.com/argentinas-top-15-import-partners/
https://commodity.com/data/argentina/
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