View source for Foreign trade of Argentina

{{short description|Argentine foreign trade processes}}
{{Use mdy dates|date=September 2011}}
{{for|a more general overview|Economy of Argentina}}
{{trade bloc}}

'''Foreign trade of Argentina''' includes economic activities both within and outside [[Argentina]] especially with regards to merchandise exports and imports, as well as trade in services. 

== Colonial and early history ==
Argentina's primary exports in colonial times were largely limited to [[Jerky|salted beef]] due to the fact that beef would not stay fresh during trans-Atlantic shipping - a problem which similarly precluded most grain exports until the 1870s.<ref name=":0">{{Cite book |last=Brown |first=Jonathan C. |url=https://www.worldcat.org/oclc/251200757 |title=A brief history of Argentina |date=2010 |publisher=Facts On File |isbn=978-0-8160-7796-0 |edition=2nd |location=New York |language=EN |oclc=251200757}}</ref><ref name=":1">{{Cite book |last=Shumway |first=Jeffrey M. |url=https://www.worldcat.org/oclc/1121128272 |title=A woman, a man, a nation : Mariquita Sánchez, Juan Manuel de Rosas, and the beginnings of Argentina |date=2019 |isbn=978-0-8263-6091-5 |location=Albuquerque |oclc=1121128272}}</ref> 
==Modern history==
Argentina developed an agro-export model where they were highly dependent on the external sector, exporting commodities mostly to [[Western Europe]]. Much as colonial elites tried to emulate European styles, a wave of European investment and immigration so reshaped local culture and architecture in the late 19th and early 20th centuries (primarily in the [[Pampas]] area), that visitors often compared [[Buenos Aires]] with [[Paris]].<ref name=":1" />

Agriculturally and thinly populated, Argentina recorded trade surpluses for most of the period between 1900 and 1948, including a cumulative US$1&nbsp;billion during World War I and US$1.7&nbsp;billion during World War II.<ref name=b1910>{{cite web|url=https://www.indec.gob.ar/ftp/cuadros/economia/balan_1910_2021.xls|title=Balanza comercial argentina: Años 1910-2021|work=INDEC}}</ref> But record taxes on grain exports imposed by the administration of President [[Juan Perón]] (1946-55) and an increasing need for costly fuel and machinery helped result in a nearly-unbroken string of trade deficits between 1949 and 1962.<ref name=lewis>{{cite book|title=The Crisis of Argentine Capitalism|author=Lewis, Paul H.|publisher=University of North Carolina Press|year=1990}}</ref>
[[File:Muelle de La Boca.jpg|thumb|left|300px|Port call on Buenos Aires' southside wharf ([[La Boca]]), circa 1888. Financed mostly with British capital, massive dock works touched off a foreign trade boom that reshaped the previously isolated Argentine economy.]]

Perón and, most notably, President [[Arturo Frondizi]] (1958-62), encouraged foreign as well as local investment in energy and industry as part of a [[developmentalism|developmentalist]] policy of [[import substitution industrialization]]. Trade deficits in the 1950s initially limited development due to the need for expensive machinery and supplies and a shortage of [[Foreign exchange reserves|foreign exchange]]. But drawn to an economy that provided Latin America's highest standard of living, domestic and foreign investors responded, industrial production more than doubled, and the country's trade position became modestly positive throughout the 1963–79 era, even as domestic demand grew.<ref name=b1910/><ref name=lewis/>

Policies of "[[free trade]]" [[Big Bang (financial markets)|financial deregulation]] pursued by Argentina's [[National Reorganization Process|last dictatorship]] led to a sudden, record deficit in 1980 and, by 1981, a mountain of bad debts and financial collapse. The climate of slack domestic demand that prevailed in Argentina throughout the 1980s resulted in a cumulative US$38&nbsp;billion in surpluses from 1982 to 1991;<ref name=b1910/> this brought the economy little direct benefit, however, as much of this was deposited abroad during that era of [[La Década Perdida|interest payment burdens and financial instability]].<ref name=wb>{{cite book|title=Argentina: From Insolvency to Growth|publisher=The World Bank|year=1993}}</ref>

Economy Minister [[Domingo Cavallo]] enacted the [[Argentine Currency Board|Convertibility Law]] of 1991, pegging the monetary value of the [[Argentine peso]] to the United States dollar. The [[fixed exchange rate]] (1 peso to the dollar) allowed for a macroeconomic stabilization. Taking advantage of this low exchange rate, on the lower tariffs on imports and on the reappearance of credit after the [[free trade]] liberalization measures taken by President [[Carlos Menem]]'s administration, Argentine firms and consumers tripled capital goods purchases from 1990 to 1994, while depressed auto sales rose by fivefold. The influx of imported machines and supplies helped the modernization of the country's industrial base; but it negatively impacted its [[trade balance]], which accumulated US$22&nbsp;billion in deficits from 1992 to 1999;<ref name=b1910/> the [[Current account (balance of payments)|current account]] deficit, which would include growing [[foreign debt]] interest payments and deficits in [[trade in services]], reached a record deficit of US$14&nbsp;billion in 1998 alone.<ref name=balp/>

Relying on sizable foreign investment inflows to balance the current account, these did not suffice and the [[Central Bank of Argentina|Central Bank]] was again forced to resort to borrowing to protect the peso's value against such pressure (mostly by floating bonds, then the most sought-after in the developing world). Recession helped lead to a US$1&nbsp;billion surplus in 2000 and another US$6&nbsp;billion in 2001;<ref name=b1910/> but it was too little, too late. Buffeted by generalized global instability and mounting capital flight, international markets massively [[short (finance)|shorted]] Argentine bonds in the second half of 2001 and on December 23, following a spate of unpopular crisis measures, the Argentine government declared a default on US$85&nbsp;billion of its bonds - the largest sovereign debt default in history.<ref>{{cite web|url=https://www.brookings.edu/wp-content/uploads/2016/06/11_argentina_kiguel.pdf|title=Argentina’s 2001 Economic and Financial Crisis: Lessons for Europe|author=Kiguel, Miguel|publisher=Think Tank 20|date=2016}}</ref>

===Crisis and recovery===
Immediately after the [[1998–2002 Argentine great depression|collapse of the Argentine economy]] at the end of 2001 and the [[devaluation]] of the peso in 2002, imports fell over half and Argentina's trade surplus soared to over US$16&nbsp;billion,<ref name=b1910/> providing for the first current account surplus since 1990. As recovery ensued and the exchange rate stabilized around 3 pesos/dollar, exports (mainly soy, cereals and other agricultural products, as well as machinery and fuels) grew steadily.

Imports began recovering sharply in 2003, as both the [[purchasing power]] of the peso and [[domestic demand]] increased, and, despite this, from 2003 to 2011 the nation's merchandise trade balance recorded a cumulative US$115&nbsp;billion in surpluses.<ref name=int>{{cite web|url=http://www.indec.gov.ar/nuevaweb/cuadros/19/com_ext_anu_10.pdf|title=Comercio exterior argentino 2010|publisher=INDEC}}</ref> These surpluses were bolstered as much by growing exports as by a marked recovery in [[terms of trade]] for Argentina, which by 2010 had improved 40% over the level prevailing in the 1990s.<ref name=int/> The nation's perennial trade deficit in manufactures widened during this expansion, however, and exceeded US$30 billion in 2011.<ref name=rojo>{{cite news|url=http://www.ieco.clarin.com/economia/rojo-comercial-industria-rubros_0_627537338.html|title=El 75% del rojo comercial de la industria, en cinco rubros|newspaper=Clarín|access-date=April 20, 2012|archive-date=July 24, 2011|archive-url=https://web.archive.org/web/20110724230829/http://www.indec.mecon.ar/nuevaweb/cuadros/19/ica_01_10.pdf|url-status=dead}}</ref> Accordingly, the system of non-automatic import licensing was extended in 2011,<ref>{{cite web|url=http://tiempo.elargentino.com/notas/licencias-no-automaticas-consejos-para-entender-una-medida-polemica|title=Licencias no Automáticas|work=Tiempo Argentino|url-status=dead|archive-url=https://web.archive.org/web/20110619045401/http://tiempo.elargentino.com/notas/licencias-no-automaticas-consejos-para-entender-una-medida-polemica|archive-date=June 19, 2011|df=mdy-all}}</ref> and regulations were enacted for the auto sector establishing a model by which a company's future imports would be determined by their exports (though not necessarily in the same rubric).<ref>{{cite web|url=http://tiempo.elargentino.com/notas/automotrices-deberan-exportar-dolar-cada-dolar-que-importen|title=Automotrices deberán exportar un dólar por cada dólar que importen|work=Tiempo Argentino|url-status=dead|archive-url=https://web.archive.org/web/20110724191752/http://tiempo.elargentino.com/notas/automotrices-deberan-exportar-dolar-cada-dolar-que-importen|archive-date=July 24, 2011|df=mdy-all}}</ref> Domestic production grew to supply the majority of the Argentine market in a number of important rubrics historically dominated by imports amid these changes, including diverse manufactures such as [[information technology]], [[major appliance]]s, [[footwear]], and [[farm machinery]].<ref>{{cite web|url=http://tiempo.infonews.com/sw_contenido_infonews_preview.php?id=68173&preview=1&id_portal=1|title=Creció un 161% la producción de computadoras en 2011|publisher=Tiempo Argentino|url-status=dead|archive-url=https://web.archive.org/web/20121106221231/http://tiempo.infonews.com/sw_contenido_infonews_preview.php?id=68173&preview=1&id_portal=1|archive-date=November 6, 2012|df=mdy-all}}</ref><ref>{{cite web|url=http://tiempo.infonews.com/notas/ocho-anos-se-duplico-numero-de-industrias-y-se-crearon-140-mil-firmas|title=En ocho años se duplicó el número de industrias y se crearon 140 mil firmas|publisher=Tiempo Argentino|access-date=April 20, 2012|archive-url=https://archive.today/20120717144830/http://tiempo.infonews.com/notas/ocho-anos-se-duplico-numero-de-industrias-y-se-crearon-140-mil-firmas|archive-date=July 17, 2012|url-status=dead}}</ref><ref>{{cite web|url=http://www.infonews.com/2012/01/21/economia-7600-en-2014-la-maquinaria-agricola-producira-casi-el-total-de-la-demanda-interna.php|title=En 2014, la maquinaria agrícola producirá casi el total de la demanda interna|publisher=Info News|access-date=April 20, 2012|archive-date=January 17, 2013|archive-url=https://web.archive.org/web/20130117011859/http://www.infonews.com/2012/01/21/economia-7600-en-2014-la-maquinaria-agricola-producira-casi-el-total-de-la-demanda-interna.php|url-status=dead}}</ref>

A collapse in global commodity prices in 2014 led to trade deficits for most of the 2015-18 period,<ref name=b1910/><ref>{{cite web|url=https://www.institutionalinvestor.com/article/b14z9vmmxbkk28/commodities-bust-leaves-latin-america-with-a-hangover|title=Commodities Bust Leaves Latin America with a Hangover|work=Institutional Investor|date=26 February 2015}}</ref> culminating in a record [[Current account (balance of payments)|current account]] deficit in 2017 of US$31&nbsp;billion and an ensuing [[2018–present Argentine monetary crisis|foreign debt crisis]]. The 2018 crisis, however, pushed imports down by 37% from 2017 to 2020, yielding US$50&nbsp;billion in cumulative trade surpluses from 2019 to 2022<ref name=b1910/> despite a 92% recovery in imports from 2020 to 2022 - though practically nil in total current account surpluses, due to higher foreign debt interest outlays.<ref name=balp>{{cite web|url=https://www.indec.gob.ar/ftp/cuadros/economia/cin_III_2022.xls|title=Estadísticas integradas de balanza de pagos, posición de inversión internacional y deuda externa: Años 2006-2022|work=INDEC}}</ref>

[[Trade in services]] has historically been in deficit for Argentina, as both travel and foreign debt interest outlays often far outstrip services income. Annual services deficits averaged around US$5&nbsp;billion in the 1980s and 1990s (mainly due to foreign debt payments) - but after the 2001 crisis, fell to around US$1&nbsp;billion annually until 2007. Services deficits rose steadily afterward to a record US$9.7&nbsp;billion in 2017, then easing to US$3.6&nbsp;billion by 2021 - but jumping to around US$7&nbsp;billion in 2022, largely as a result of renewed outbound [[travel]] by Argentines.<ref name=balp/>

===Argentine foreign trade and current account balances===

Argentine goods and services trade balances, and foreign debt, 1970-2022 (million US$):

{| class="wikitable sortable" style="text-align:right" width="100%"
! Year !! Goods<br/>exports !! Goods<br/>imports !! Balance !! Services<br/>exports !! Services<br/>imports !! Interest !! Current<br/>account<br/>balance !! Foreign<br/>debt<small>{{refn|Includes private sector}}</small>
|- align=right
|1970|| 1773 || 1694 || 79 || 424 || 437 || 223 || -159 || 5171
|- align=right
|1971|| 1740 || 1868 || -128 || 457 || 459 || 256 || -389 || 5564
|- align=right
|1972|| 1941 || 1905 || 36 || 458 || 380 || 273 || -223 || 6028
|- align=right
|1973|| 3266 || 2235 || 1031 || 557 || 489 || 317 || 721 || 6429
|- align=right
|1974|| 3931 || 3635 || 296 || 861 || 696 || 298 || 126 || 7628
|- align=right
|1975|| 2961 || 3947 || -985 || 743 || 571 || 460 || -1284 || 7723
|- align=right
|1976|| 3916 || 3033 || 883 || 836 || 564 || 465 || 667 || 9278
|- align=right
|1977|| 5652 || 4162 || 1490 || 1117 || 730 || 370 || 1289 || 11445
|- align=right
|1978|| 6400 || 3834 || 2566 || 1314 || 1414 || 405 || 1834 || 13276
|- align=right
|1979|| 7810 || 6700 || 1110 || 1791 || 2553 || 493 || -537 || 20950
|- align=right
|1980|| 8021 || 10541 || -2519 || 2744 || 3483 || 947 || -4767 || 27157
|- align=right
|1981|| 9143 || 9430 || -287 || 2402 || 3107 || 2965 || -4714 || 35657
|- align=right
|1982|| 7625 || 5337 || 2288 || 1901 || 1858 || 4403 || -2357 || 43634
|- align=right
|1983|| 7836 || 4504 || 3332 || 1676 || 2017 || 4983 || -2402 || 45069
|- align=right
|1984|| 8107 || 4585 || 3523 || 1921 || 2125 || 5273 || -2391 || 46171
|- align=right
|1985|| 8396 || 3814 || 4582 || 1846 || 2077 || 4879 || -953 || 49326
|- align=right
|1986|| 6852 || 4724 || 2128 || 1865 || 2438 || 3934 || -2858 || 51422
|- align=right
|1987|| 6360 || 5818 || 542 || 2112 || 2397 || 3927 || -4237 || 58324
|- align=right
|1988|| 9135 || 5322 || 3813 || 2210 || 2465 || 4467 || -1762 || 58303
|- align=right
|1989|| 9579 || 4203 || 5376 || 2381 || 2646 || 5759 || -1308 || 65511
|- align=right
|1990|| 12353 || 4077 || 8276 || 2599 || 2978 || 5724 || 1764 || 62974
|- align=right
|1991|| 11978 || 8275 || 3703 || 2736 || 3743 || 4828 || -2735 || 65229
|- align=right
|1992|| 12235 || 14872 || -2637 || 2737 || 3855 || 3679 || -8361 || 62972
|- align=right
|1993|| 13118 || 16784 || -3665 || 3127 || 4273 || 3608 || -8153 || 72425
|- align=right
|1994|| 15839 || 21590 || -5751 || 3364 || 7143 || 4774 || -10981 || 87524
|- align=right
|1995|| 20963 || 20122 || 841 || 3826 || 7262 || 6375 || -5104 || 101462
|- align=right
|1996|| 23811 || 23762 || 49 || 4405 || 7952 || 7353 || -6755 || 114423
|- align=right
|1997|| 26431 || 30450 || -4019 || 4599 || 8984 || 8826 || -12116 || 129964
|- align=right
|1998|| 26434 || 31377 || -4944 || 4854 || 9298 || 10347 || -14465 || 147634
|- align=right
|1999|| 23309 || 25508 || -2200 || 4719 || 8830 || 11329 || -11910 || 152563
|- align=right
|2000|| 26341 || 25280 || 1061 || 4936 || 9219 || 12352 || -8955 || 155015
|- align=right
|2001|| 26543 || 20320 || 6223 || 4627 || 8490 || 12162 || -3780 || 166272
|- align=right
|2002|| 25651 || 8990 || 16661 || 3495 || 4956 || 10414 || 8702 || 156813
|- align=right
|2003|| 29939 || 13851 || 16088 || 4500 || 5693 || 9999 || 8073 || 164778
|- align=right
|2004|| 34576 || 22445 || 12130 || 5288 || 6619 || 9909 || 3076 || 171473
|- align=right
|2005|| 40387 || 28687 || 11700 || 6634 || 7626 || 6816 || 5055 || 114255
|- align=right
|2006|| 46546 || 34154 || 12393 || 7911 || 8674 || 5322 || 6499 || 109504
|- align=right
|2007|| 55980 || 44707 || 11273 || 10046 || 11027 || 5856 || 6049 || 125366
|- align=right
|2008|| 70019 || 57462 || 12556 || 11424 || 13646 || 5722 || 5421 || 125859
|- align=right
|2009|| 55672 || 38786 || 16886 || 10545 || 12537 || 4527 || 7254 || 119267
|- align=right
|2010|| 68174 || 56793 || 11382 || 12817 || 14621 || 4820 || -1623 || 134011
|- align=right
|2011|| 82981 || 73961 || 9020 || 14497 || 17649 || 4960 || -5340 || 145154
|- align=right
|2012|| 79982 || 67974 || 12008 || 14247 || 18344 || 5077 || -2138 || 145722
|- align=right
|2013|| 75963 || 74442 || 1521 || 13680 || 19009 || 5058 || -13124 || 141491 
|- align=right
|2014|| 68404 || 65736 || 2668 || 13396 || 18038 || 5431 || -9179 || 144801
|- align=right
|2015|| 56784 || 60203 || -3419 || 13214 || 19029 || 5107 || -17622 || 152632 
|- align=right
|2016|| 57909 || 55852 || 2057 || 13425 || 21876 || 7443 || -15105 || 181432
|- align=right
|2017|| 58645 || 66938 || -8293 || 15506 || 25202 || 10904 || -31151 || 234549
|- align=right
|2018|| 61782 || 65483 || -3701 || 15342 || 24277 || 16157 || -27084 || 277827
|- align=right
|2019|| 65115 || 49125 || 15990 || 14802 || 19646 || 17360 || -3492 || 278489
|- align=right
|2020|| 54884 || 42356 || 12528 || 9492 || 12028 || 6055 || 2688 || 270694
|- align=right
|2021|| 77934 || 63184 || 14751 || 9499 || 13101 || 7135 || 6645 || 267004
|- align=right
|2022|| 88446 || 81523 || 6923 || 14487 || 21396 || 8174 || -4290 || 276473
|}<ref name=b1910/><ref name=wb/><ref name=balp/><ref>{{cite book|title=La deuda externa argentina|author=Kulfas, Matías; Schorr, Martín|page=129-30|publisher=Fundación OSDE&ndash;CIEPP|year=2003}}</ref><ref>{{cite web|url=https://www.indec.gob.ar/uploads/informesdeprensa/bal_03_20A1EA3250EE.pdf|title=Balanza de pagos, posición de inversión internacional y deuda externa: IV 2019|publisher=INDEC|date=March 2020}}</ref><ref>{{cite web|url=https://www.indec.gob.ar/uploads/informesdeprensa/bal_09_232CE60AC417.pdf|title=Balanza de pagos, posición de inversión internacional y deuda externa: II 2023|publisher=INDEC|date=September 2023}}</ref>

==Commercial relationships==
===Mercosur===
[[Mercosur]]—the [[customs union]] that includes Argentina, [[Brazil]], [[Paraguay]], and [[Uruguay]]—entered into force January 1, 1995; [[Bolivia]], [[Chile]], and [[Venezuela]] joined the pact subsequently as associate members. Cooperation between Brazil and Argentina (historic competitors) is the key to Mercosur's integration process, which includes political and military elements in addition to a customs union; Brazil accounts for 74% of Mercosur GDP and Argentina about 23%. Argentine intra-Mercosur trade rose dramatically from US$4&nbsp;billion in 1991 to US$23&nbsp;billion in 1998; it declined to US$9&nbsp;billion during the 2002 crisis, but recovered quickly and reached US$44&nbsp;billion in 2011 (28% of the Argentine total).<ref name=intcom>{{cite web|url=http://www.indec.gov.ar/nuevaweb/cuadros/19/ica_01_12.pdf|title=Intercambio Comercial Argentino|publisher=INDEC|access-date=April 20, 2012|archive-url=https://web.archive.org/web/20140226153315/http://www.indec.gov.ar/nuevaweb/cuadros/19/ica_01_12.pdf|archive-date=February 26, 2014|url-status=dead}}</ref> More than 90% of intra-Mercosur trade is duty-free, while the group's [[common external tariff]] (CET) applies to more than 85% of imported goods. Remaining goods will be phased into the CET by 2006.

Brazil's higher level of industrialization and production capacity, as well as other economic asymmetries, have been a source of tension with Argentina. Following the 2001-02 crisis, Argentina's recovering industrial sector has pressured the government to obtain restrictions (especially quotas) on Mercosur's free trade regulations, in order to protect their growth from what they see as disloyal competition from their larger partner to the north. Exports to Brazil helped lessen the impact of the crisis on the industrial sector somewhat, though Argentina's intra-Mercosur trade yielded it a cumulative US$15&nbsp;billion deficit from 2004 to 2008. A renewed devaluation of the peso contributed to a US$700&nbsp;million surplus with Mercosur in 2009, though deficits of US$1.8&nbsp;billion were recorded in 2010 and 2011.<ref name=intcom/>

Argentine trade with fellow Mercosur nations reached US$35&nbsp;billion in 2022, and as in most years remained in deficit for Argentina with US$15.8&nbsp;billion in exports and US$19.3&nbsp;billion in imports. Mercosur buys 68% of Argentine exports of motor vehicles and auto parts, and these made up three-eights of total exports to the bloc in 2022.<ref name=int22>{{cite web|url=https://www.indec.gob.ar/uploads/informesdeprensa/i_argent_02_23EC82BFFB1E.pdf|title=Argentine Foreign Trade Statistics: Preliminary data for 2022|work=INDEC|date=January 2023}}</ref>

===China===
[[Argentina–China_relations#Trade|Trade with China]] was negligible until 1992; it later grew rapidly and by 2010, China became Argentina's second largest trading partner. Argentine exports to the Asian giant are mainly [[soy]], [[beef]], [[barley]] and, increasingly, [[lithium carbonate]] - while imports are mainly industrial and consumer goods.<ref name=int/> Modest Argentine surpluses with China turned into deficits in 2008, however, and anti-[[Dumping (pricing policy)|dumping]] measures enacted subsequently triggered a Chinese boycott of its top Argentine import, [[soy oil]], in 2010. Following trade negotiations, soy oil purchases from China resumed in 2011.<ref>{{cite web|url=http://www.lapoliticaonline.com/noticias/val/74854/china-volvio-a-importar-aceite-de-soja-pero-el-conflicto-esta-lejos-de-resolverse.html|title=China volvió a importar aceite de soja, pero el conflicto está lejos de resolverse|publisher=La Política Online}}</ref>

Argentina's merchandise trade deficit with China has mostly grown since then, reaching US$9.5&nbsp;billion on US$17.5&nbsp;billion in imports by 2022; China is now Argentina's leading source of imports by nation, with 21.5%.<ref name=int22/>

These deficits have, in recent years, been partly financed by China itself by way of [[foreign exchange swap]]s. The two central banks first established these swap facilities in 2017, and expanded them to 130&nbsp;billion yuan ($19.2&nbsp;billion) in December 2018. In November 2022, Argentina and China agreed to add another 35&nbsp;billion yuan (US$5.2&nbsp;billion).<ref>{{cite web|url=https://www.centralbanking.com/central-banks/reserves/foreign-exchange/7954171/argentina-activates-chinese-swap-lines|title=Argentina activates Chinese swap lines|work=Central Banking|date=10 January 2023}}</ref>

China has become the largest investor in Argentina's growing [[lithium carbonate|lithium]] mining sector,<ref>{{cite web|url=https://www.bloomberglinea.com/english/chinas-increases-investment-in-argentina-eyes-lithium/|title=China Increases Investment in Argentina, Eyes Lithium|work=Bloomberg|date=23 August 2022}}</ref> which by 2030 is projected by [[JPMorgan Chase]] to become the second-largest in the world - only behind [[Australia]].<ref>{{cite web|url=https://www.bloomberglinea.com/english/argentina-poised-to-be-worlds-third-largest-lithium-producer-by-2030-jpmorgan-says/|title=Argentina Poised to Be World's Third-Largest Lithium Producer by 2030, JPMorgan Says|date=15 February 2023}}</ref>

===United States===
The [[United States]] replaced the [[United Kingdom]] in the 1920s as both the leading source of manufactures and of imports overall.<ref name=lewis/> The U.S. share of imports and exports remained relatively stable at around 20% and 10%, respectively, until 2002; these proportions declined steadily afterward and by 2010, were approximately half the historical percentages. The U.S. has largely maintained a moderate trade surplus with Argentina, however.<ref name=cronista>{{cite web|url=http://www.cronista.com/contenidos/2012/03/26/noticia_0122.html|title=Ministerio de Industria también rechazó la medida de EE.UU.|date=March 26, 2012 |publisher=Cronista Comercial}}</ref> This surplus reached US$3.7&nbsp;billion in 1998. The Argentine crisis led to modest bilateral deficits for the U.S. in 2002-05 - but U.S. surpluses returned in 2006, growing to a record US$6.6&nbsp;billion by 2014 before stabilizing.<ref name=census>{{cite web|url=https://www.census.gov/foreign-trade/balance/c3570.html|title=Trade in Goods with Argentina|work=U.S. Census Bureau}}</ref> 

Petrochemicals, gold, silver, and aluminum are the leading Argentine exports to the U.S., and wine the leading Argentine consumer good in the U.S. market; Argentine imports are in turn mainly industrial.<ref>{{cite web|url=https://www.indec.gob.ar/uploads/informesdeprensa/complejos_03_2309E029401F.pdf|title=Complejos exportadores: Año 2022|work=INDEC|date=March 2023}}</ref> Fresh [[Argentine beef]] was exported to the U.S. market in 1997 for the first time in over 60 years, and in 1999 its export quota of 20,000 tons was filled. Beef exports to the U.S. were suspended in August 2000 when Argentine cattle near the border with Paraguay (whose authorities refuse to vaccinate cattle against highly contagious [[hoof and mouth disease]]) were discovered to have anti-bodies for the infection. The quota was reinstated in early 2002 and has since averaged 28,000 tons.<ref>{{Cite web |url=http://www.aaep.org.ar/espa/anales/works06/Bonansea_Lema.pdf |title=AAEP |access-date=January 20, 2009 |archive-url=https://web.archive.org/web/20160303191125/http://www.aaep.org.ar/espa/anales/works06/Bonansea_Lema.pdf |archive-date=March 3, 2016 |url-status=dead }}</ref>

The [[Obama administration]] suspended Argentine participation in the [[Generalized System of Preferences]] (GSP) in 2012, citing a failure to pay arbitration payments awarded by the [[World Bank]]'s [[International Center for the Settlement of Investment Disputes|ICSID]] to a number of U.S. firms adversely impacted by the 2002 devaluation of the peso.<ref>{{cite news|url=https://www.reuters.com/article/us-usa-argentina-trade-idUSBRE82P0QX20120326|title=Obama says to suspend trade benefits for Argentina|work=Reuters}}</ref> The GSP benefit (US$18 million in 2011) is relatively minimal, equaling 0.4% of Argentine exports to the U.S. of US$4.2 billion.<ref name=cronista/>

U.S.-Argentine trade has nevertheless grown - albeit slowly - and Argentina remains one of a few countries with which the U.S. routinely maintains a merchandise trade surplus. Mutual trade reached nearly US$20&nbsp;billion in 2022, with US$6.9&nbsp;billion in U.S. imports from Argentina and US$13&nbsp;billion in exports to Argentina.<ref name=census/>

Trade in services with Argentina has been especially advantageous for the U.S., with Argentina's services deficit with the U.S. reaching US$5&nbsp;billion in 2019<ref>{{cite web|url=https://ustr.gov/countries-regions/americas/argentina|title=Office of the United States Trade Representative: Argentina|work=[[United States Trade Representative]]}}</ref> - the entirety for that year.<ref name=balp/> 

===European Union===

Argentina has a thriving and longstanding trade relationship with the [[European Union]], as well as close historic and cultural ties dating to the [[Colonial Argentina|colonial era]] that spanned 300 years until independence in 1816.

European investment and immigration dramatically reshaped Argentina after 1880 - and the [[British Empire]] in particular dominated Argentine trade with over a third of the total until [[World War I]], buying mainly meats and cereals in exchange for a wide variety of consumer and industrial goods.<ref name=lewis/>

Argentine trade with Europe gradually declined in relation to other partner nations and regions. But the EU is still Argentina's third largest trading partner (after Brazil and China) and accounted for 13% of total Argentine trade in 2022, or US$22&nbsp;billion - nearly balanced between exports to the EU (US$10.8&nbsp;billion) and imports (US$11.1&nbsp;billion).<ref name=int22/> Argentina's main exports to the EU are processed agricultural products (38%), chemical products (21%) and fish and seafood (8%). The EU exports to Argentina mainly manufactured products, such as machinery and appliances (28%) and chemical products, including pharmaceutical products (29%).

Trade in services, which was relatively stable until 2019, was temporarily affected during the COVID pandemic - to later rebound. In 2020, the EU imported services from Argentina worth 1.6&nbsp;billion euros, while it exported services worth 3.5&nbsp;billion euros.

Argentina is also an important investment destination for European companies, particularly [[Spain]]. The stock of investments from the EU was 35.8&nbsp;billion euros in 2020, making the EU, as a bloc, the top foreign investor in the country. Some 21 EU member states have signed agreements for the promotion and reciprocal protection of investments with Argentina, and as of 2022, the [[European Investment Bank]] had a portfolio of loans amounting to € 655&nbsp;million in Argentina (including loans under preparation).<ref>{{cite web|url=https://www.eeas.europa.eu/argentina/european-union-and-argentina_en?s=190#8656|title=The European Union and Argentina: Trade relations|work=Delegation of the European Union to Argentina|date=17 October 2022}}</ref>

===Intellectual property issues===
Argentina adheres to most treaties and international agreements on intellectual property. It is a member of the [[World Intellectual Property Organization]] and signed the Uruguay Round agreements in December 1993, including measures related to intellectual property. However, extension of adequate patent protection to pharmaceuticals has been a highly contentious bilateral issue.

In May 1997, the U.S. suspended 50% of Argentina's GSP benefits because of its allegedly ''unsatisfactory'' pharmaceutical patent law. In May 1999, The U.S. Government initiated consultations under [[World Trade Organization]] procedures to address these inadequacies and expanded the consultations in May 2007.

==Merchandise exports and imports==
===Foreign trade by type of product===
Argentine foreign trade in 2022 by type of product (million US$):

{| class="wikitable sortable" style="text-align:right" width="100%"
! Product class !! Exports !! Imports !! Balance
|- align=right
|Meats and offal|| 4082 || 155 || 3927
|- align=right
|Seafood|| 1795 || 97 || 1698
|- align=right
|Dairy|| 1690 || 37 || 1653
|- align=right
|Maize, wheat, and other cereals|| 15575 || 48 || 15527
|- align=right
|Soy and other oilseeds|| 4351 || 2234 || 2117
|- align=right
|Other crops|| 2250 || 881 || 1369
|- align=right
|Vegetable oils|| 9170 || 307 || 8863
|- align=right
|Fruit and vegetable preparations|| 813 || 101 || 712
|- align=right
|Wine and spirits|| 948 || 111 || 837
|- align=right
|Animal fodder <small>(mainly soy)</small>|| 13249 || 184 || 13065
|- align=right
|Tobacco|| 326 || 53 || 273
|- align=right
|Other agricultural goods|| 930 || 813 || 117
|- align=right
|Fuel and lubricants|| 6836 || 12783 || -5947
|- align=right
|Other minerals|| 398 || 1178 || -780
|- align=right
|Pharmaceuticals|| 913 || 3182 || -2269
|- align=right
|Perfume and cosmetics|| 480 || 475 || 5
|- align=right
|Fertilizers|| 65 || 2743 || -2678
|- align=right
|Cleansers, polish, etc.|| 196 || 477 || -281
|- align=right
|Other chemicals|| 4790 || 8100 || -3310
|- align=right
|Rubber and plastics|| 1309 || 5066 || -3757
|- align=right
|Leather, hides, and furs|| 493 || 161 || 332
|- align=right
|Forestry products|| 685 || 1481 || -796
|- align=right
|Textiles, apparel, and footwear|| 487 || 2540 || -2053
|- align=right
|Glass, stone, ceramics, etc.|| 177 || 735 || -558
|- align=right
|Gold, silver, jewelry, and geodes|| 2680 || 187 || 2493
|- align=right
|Iron and steel|| 1202 || 3083 || -1881
|- align=right
|Aluminum|| 781 || 534 || 247
|- align=right
|Other metals|| 60 || 1425 || -1365
|- align=right
|Machinery and parts|| 1594 || 20215 || -18621
|- align=right
|Motor vehicles and parts|| 7945 || 7888 || 57
|- align=right
|Aircraft and other transport equipment|| 252 || 257 || -5
|- align=right
|Precision equipment|| 110 || 1947 || -1837
|- align=right
|Other manufactures|| 1814 || 2045 || -231
|- align=right
!style=background:lightblue |{{flagicon|Argentina}} Total||style=background:lightblue | 88446 ||style=background:lightblue | 81523 ||style=background:lightblue | 6923
|}<ref name=int/>

Argentine exports by type of product, 1993-2022 (million US$):

{| class="wikitable sortable" style="text-align:right" width="100%"
!style=background:lightblue | <small>Category</small> !! <small>1993-96</small> !! <small>97-2000</small> !! <small>2001-04</small> !! <small>2005-08</small> !! <small>2009-12</small> !! <small>2013-16</small> !! <small>2017-21</small> !! <small>2022</small> 
|- align=right
|'''Total Exports''' (annual)|| '''18433''' || '''25629''' || '''29177''' || '''53233''' || '''71702''' || '''64765''' || '''63672''' || '''88446'''
|- align=right
|'''Soy'''|| 2764 || 3639 || 6155 || 11872 || 16875 || 18338 || 17575 || 24868
|- align=right
|'''Corn'''|| 743 || 1155 || 1110 || 2147 || 3598 || 4240 || 5942 || 9549
|- align=right
|'''Oil, Gas,<br />Petrochemicals'''|| 2236 || 3630 || 5753 || 8219 || 7272 || 4393 || 4438 || 9297
|- align=right
|'''Motor Vehicles & Parts'''|| 1300 || 2759 || 2144 || 5341 || 8850 || 7968 || 6602 || 8678
|- align=right
|'''Wheat'''|| 986 || 1380 || 1307 || 2159 || 2333 || 1372 || 2868 || 4724
|- align=right
|'''Beef & Leather'''|| 1782 || 1654 || 1422 || 2493 || 2398 || 2099 || 3288 || 4268
|- align=right
|'''Gold & Silver'''|| 20 || 90 || 115 || 495 || 1907 || 1994 || 2691 || 2959
|- align=right
|'''Fruit & Wine'''|| 622 || 885 || 892 || 1865 || 2479 || 2342 || 2302 || 2041
|- align=right
|'''Sunflower'''|| 947 || 1123 || 662 || 1036 || 1043 || 654 || 896 || 1891
|- align=right
|'''Fish & Seafood'''|| 841 || 901 || 849 || 1119 || 1324 || 1567 || 1944 || 1823
|- align=right
|'''Barley'''|| 128 || 174 || 141 || 361 || 1054 || 1210 || 862 || 1608
|- align=right
|'''Dairy'''|| 189 || 328 || 348 || 712 || 1081 || 1080 || 892 || 1436
|- align=right
|'''Others'''|| 5875 || 7911 || 8279 || 15414 || 21488 || 17508 || 13372 || 15304
|- align=right
|}<ref name=int/>

===Foreign trade by leading export destinations===
Argentine foreign trade in 2022 by leading export destinations, and chief exports and imports with each (million US$):

{| class="wikitable sortable" style="text-align:right" width="100%"
! Partner !! Exports !! Imports !! Balance
|- align=right
|{{flag|Brazil}}       || 12665 || 16030 || -3365
|- align=right
|{{flag|China}}        || 8022 || 17516 || -9494
|- align=right
|{{flag|United States}}|| 6675 || 10330 || -3655
|- align=right
|{{flag|Chile}}        || 4938 || 778 || 4160
|- align=right
|{{flag|India}}        || 4555 || 1849 || 2706
|- align=right
|{{flag|Netherlands}}  || 3570 || 886 || 2684
|- align=right
|{{flag|Vietnam}}      || 3230 || 1240 || 1990
|- align=right
|{{flag|Peru}}         || 2444 || 299 || 2145
|- align=right
|{{flag|Indonesia}}    || 2112 || 476 || 1636
|- align=right
|{{flag|South Korea}}  || 2020 || 729 || 1291
|- align=right
|{{flag|Spain}}        || 1733 || 1260 || 473
|- align=right
|{{flag|Algeria}}      || 1600 || 181 || 1419
|- align=right
|{{flag|Uruguay}}      || 1576 || 1276 || 300
|- align=right
|{{flag|Malaysia}}     || 1494 || 408 || 1086
|- align=right
|{{flag|Colombia}}     || 1430 || 473 || 957
|- align=right
|{{flag|Paraguay}}     || 1324 || 1959 || -635
|- align=right
|{{flag|Saudi Arabia}} || 1187 || 1094 || 93
|- align=right
|{{flag|Mexico}}       || 1102 || 1711 || -609
|- align=right
|{{flag|Switzerland}}  || 1092 || 586 || 506
|- align=right
|{{flag|Italy}}        || 1067 || 1678 || -611
|- align=right
|{{flag|UAE}}          || 951 || 864 || 87
|- align=right
|{{flag|Morocco}}      || 944 || 548 || 396
|- align=right
|{{flag|Egypt}}        || 929 || 429 || 500
|- align=right
|{{flag|Poland}}       || 921 || 237 || 684
|- align=right
|{{flag|Germany}}      || 884 || 2719 || -1835
|- align=right
|Rest of the world     || 19981 || 15967 || 4014
|- align=right style=background:lightblue
!style=background:lightblue|{{flagicon|Argentina}} Total||style=background:lightblue|88446||style=background:lightblue|81523 || style=background:lightblue|6923
|}<ref name=int22/>

===Exports by province===
Argentine exports in 2022 by province and type (million US$):

{|class="wikitable sortable" style="text-align:right" width="100%"
! <small>Province</small> !! <small>Exports</small> !! <small>Per<br>capita</small> !! <small>Growth<br>from 2010</small> !! <small>Raw<br>materials</small> !! <small>Agricultural<br>manufactures</small> !! <small>Industrial</small> !! <small>Energy</small>
|- align=right
|{{flag|Buenos Aires Province}}|| 33025 || 1880 || 44.4 || 7286 || 10590 || 11730 || 3419
|- align=right
|{{flag|Santa Fe}}|| 19163 || 5388 || 29.1 || 2768 || 13420 || 2844 || 131
|- align=right
|{{flag|Córdoba}}|| 12852 || 3230 || 54.8 || 5783 || 5069 || 1976 || 25
|- align=right
|{{flag|Neuquén}}|| 2912 || 4008 || 787.8 || 35 || 7 || 15 || 2855
|- align=right
|{{flag|Chubut}}|| 2575 || 4269 || -22.1 || 547 || 111 || 685 || 1232
|- align=right
|{{flag|Santa Cruz}}|| 2242 || 6723 || 38.7 || 385 || 44 || 1598 || 215
|- align=right
|{{flag|Entre Ríos}}|| 1912 || 1340 || 22.8 || 1082 || 681 || 148 || 0
|- align=right
|{{flag|Mendoza}}|| 1601 || 795 || -5.6 || 160 || 1069 || 251 || 121
|- align=right
|{{flag|Santiago del Estero}}|| 1545 || 1466 || 232.3 || 1471 || 74 || 0 || 0
|- align=right
|{{flag|Salta}}|| 1327 || 921 || 31.0 || 905 || 82 || 310 || 31
|- align=right
|{{flag|La Pampa}}|| 1206 || 3295 || 320.2 || 958 || 220 || 4 || 23
|- align=right
|{{flag|San Juan}}|| 1163 || 1421 || -44.7 || 56 || 153 || 954 || 0
|- align=right
|{{flag|Tucumán}}|| 954 || 560 || 4.3 || 277 || 298 || 376 || 3
|- align=right
|{{flag|San Luis}}|| 879 || 1625  || 63.1 || 386 || 317 || 176 || 0
|- align=right
|{{flag|Jujuy}}|| 873 || 1094  || 132.8 || 243 || 56 || 575 || 0
|- align=right
|{{flag|Chaco}}|| 516 || 451 || 38.3 || 461 || 52 || 3 || 0
|- align=right
|{{flagcountry|Río Negro (Argentina)}}|| 460 || 604 || -6.9 || 242 || 76 || 5 || 138
|- align=right
|{{flag|Misiones}}|| 438 || 342 || -17.0 || 43 || 240 || 155 || 0
|- align=right
|{{flag|Tierra del Fuego}}|| 383 || 2009 || -2.0 || 77 || 24 || 33 || 249
|- align=right
|{{flag|Buenos Aires}}|| 311 || 100 || -17.1 || 0 || 38 || 273 || 0
|- align=right
|{{flag|Corrientes}}|| 273 || 228 || 76.1 || 150 || 92 || 31 || 0
|- align=right
|{{flag|Catamarca}}|| 201 || 468 || -88.1 || 35 || 11 || 155 || 0
|- align=right
|{{flagcountry|La Rioja (Argentina)}}|| 187 || 486 || -34.8 || 8 || 99 || 79 || 0
|- align=right
|{{flag|Formosa}}|| 41 || 68 || 13.9 || 22 || 18 || 1 || 0
|- align=right
|''Not classified by prov.'' || 1406 || n.a. || -60.9 || 453 || 214 || 673 || 66
|- align=right
!style=background:lightblue |{{flagicon|Argentina}} Total||style=background:lightblue | 88446 ||style=background:lightblue | 1921 ||style=background:lightblue | 29.8 ||style=background:lightblue | 23830 ||style=background:lightblue | 33055 ||style=background:lightblue | 23051 ||style=background:lightblue | 8509
|}<ref>{{cite web|url=https://www.indec.gob.ar/uploads/informesdeprensa/opex_03_23E165E1E942.pdf|title=Origen provincial de las exportaciones: Año 2022|publisher=INDEC|date=March 2023}}</ref>

==References==
{{Reflist}}

{{Economy of Argentina}}
{{South America topic|prefix=Foreign trade of}}

{{DEFAULTSORT:Foreign Trade Of Argentina}}
[[Category:Foreign trade of Argentina| ]]
[[Category:Economy of Argentina]]