According to the Observatory of Economic Complexity (OEC), Argentina has the 45th largest exporting economy in the world. In 2018, Argentina became the 29th largest importer of consumer goods to the United States, exporting goods worth $61.6 billion to the world. Considering that Argentina's economy in the late 90s was very unstable due to the country's rising debt and inflation, it's safe to say they did well.
Main export
The South American country is one of the world's leading producers of crops - accounting for 54 percent of its exports - making crops Argentina's main export. These crops include wheat, soybeans, corn, barley, rice, flaxseed, sugarcane, cotton, citrus fruits and grapes. Argentina is actually the fifth largest wheat producer and exporter in the world.
At least 31 percent of their total exports include manufactured goods. This will include cars, auto parts, steel, aluminum and chemicals. The country produces about 818,000 barrels of crude oil per day, and in Santa Cruz alone, an estimated 552 million tons of coal exist in mineral form.
Main import
In 2018, Argentina imported about $65.4 billion worth of goods from around the world. Overall, about a third of imports come from neighboring Latin American countries, including the Caribbean. Considering their population of 44.7 million, their total import volume equates to an annual product demand of $1,500.
Below is a list of Argentina's most important imports and values:
- Automobiles ($13.2 billion - 19.8% of its total imports)
- Machinery ($9.9 billion - 14.9% of total imports)
- Electrical equipment ($8.6 billion - 12.9% of its total imports)
- Fossil fuels/petroleum ($5.5 billion - 8.2% of its total imports)
- Plastics ($2.4 billion - 3.6% of its total imports)
- Pharmaceuticals ($2.4 billion - 3.6% of its total imports)
- Organic chemicals ($2.3 billion - 3.5% of its total imports)
- Medical equipment ($1.8 billion - 2.7% of total imports)
- Other chemical products ($1.4 billion - 2.3% of its total imports)
- Steel ($1.3 billion - 1.9% of total imports)
Argentina also imports from Bolivia, Thailand, Japan, India, Italy, Spain, and France, accounting for 1.9%, 1.9%, 1.6%, 1.2%, 2.5%, 2.2% and 2% of the source of imports, respectively. Argentina is the world's 42nd largest importer, and as a major player in the global trade economy, the country continues to impress in terms of its size and geographic location in terms of export volumes.
