Argentina: Visió econòmica i política
Argentina has been a relatively closed market to international trade, which accounted for 30.5% of its GDP in 2020 (World Bank). Nevertheless, the government has been trying to reduce protectionism and president Fernández is seeking a mature relationship with China and the US. The country's main exports include oil-cake and other solid residues (13.7%), maize (11%), soy-bean oil and soya beans (10.8%), meat (3.8%), and wheat and meslin (3.7%); while it imports soya beans (4.7%), auto parts and accessories (3.9%), motor cars and other motor vehicles (3.8%), electrical apparatus for line telephony (3.4%), and petroleum gas and other gaseous hydrocarbons (2.8%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by 6.7% in 2021 and is expected to remain stable at 6.8% in 2022, while the volume of imports of goods and services increased by 23.2% in 2021 and is expected to decrease to 3% in 2022.
As part of the Mercosur, Brazil is Argentina’s main trade partner for both exports and imports, followed by China, the United States, Germany, Chile, Paraguay, Vietnam, and Germany. Even though Brazil has been Argentina's biggest partner for years, their relationship has been deteriorating since the election of Bolsonaro’s ideological opposite, Alberto Fernandez. Additionally, Mercosur is facing a fragile state, with a weak institutional structure and ideological differences between its members. With plans of changing its rules, Argentina could possibility delay opening up its economy to bilateral deals, while the rest of the members take the opposite path.
According to the last available data from WTO, Argentina exported USD 54.8 billion worth of goods in 2020, and imported USD 42.3 billion. As for services, the country imported USD 11.6 billion and exported USD 9.2 million. Overall, imports declined 18.1% compared to the previous year, while exports decreased 17.7%, resulting on an overall trade balance of USD 14.4 billion.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 66,930 | 65,482 | 49,124 | 42,354 | 63,185 |
Exports of Goods (million USD) | 58,622 | 61,781 | 65,116 | 54,884 | 77,935 |
Imports of Services (million USD) | 24,664 | 24,014 | 19,151 | 11,604 | 12,835 |
Exports of Services (million USD) | 14,520 | 15,057 | 13,942 | 9,237 | 9,359 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 25.3 | 30.8 | 32.6 | 30.2 | 33.0 |
Trade Balance (million USD) | -5,447 | -743 | 18,234 | 14,631 | 18,696 |
Trade Balance (Including Service) (million USD) | -15,143 | -9,678 | 13,391 | 12,092 | 15,053 |
Imports of Goods and Services (Annual % Change) | 15.6 | -4.5 | -18.7 | -18.5 | 22.0 |
Exports of Goods and Services (Annual % Change) | 2.6 | 0.6 | 9.8 | -17.7 | 9.2 |
Imports of Goods and Services (in % of GDP) | 14.0 | 16.3 | 14.7 | 13.6 | 14.9 |
Exports of Goods and Services (in % of GDP) | 11.3 | 14.4 | 17.9 | 16.6 | 18.0 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 0.7 | 3.9 | 4.8 | 5.1 | 4.8 |
Volume of imports of goods and services (Annual % change) | 14.4 | -4.5 | 1.6 | 0.8 | 2.3 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Brazil | 15.1% |
China | 7.9% |
United States | 6.4% |
India | 5.5% |
Chile | 5.4% |
See More Countries | 59.7% |
Main Suppliers (% of Imports) |
2021 |
China | 21.4% |
Brazil | 19.6% |
United States | 9.4% |
Paraguay | 4.6% |
Germany | 4.0% |
See More Countries | 41.0% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
14.0 bn USD of services exported in 2019 | |
37.39% | |
Personal travelPersonal travel | 30.20% |
Business travelBusiness travel | 7.19% |
27.11% | |
14.12% | |
13.21% | |
3.25% | |
1.94% | |
1.37% | |
1.32% | |
0.27% | |
0.01% |
19.0 bn USD of services imported in 2019 | |
41.29% | |
Personal travelPersonal travel | 31.99% |
Business travelBusiness travel | 9.30% |
20.36% | |
14.50% | |
9.02% | |
6.92% | |
3.72% | |
1.67% | |
1.41% | |
1.04% | |
0.06% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023