Argentina Economy Overview
Argentina is the 24th largest export economy in the world, according to the latest figures.
With annual exports of $60.8 billion and imports of $62.5 billion, the country has a negative trade balance of -$1.7 billion.
This guide gives you an overview of Argentina’s economy, including the country’s primary imports and exports.
Argentina’s Top Exports
Here is a breakdown of the most important products exported by Argentina, both commodities and other notable exports.
- Soybean meal – $9.2 billion
- Corn – $4.44 billion
- Soybean oil – $2.95 billion
- Wheat – $2.49 billion
- Gold – $2.25 billion
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Other Notable Exports
- Delivery Trucks – $3.94 billion
- Cars – $2.13 billion
- Crude petroleum – $1.51 billion
- Crustaceans – $1.34 billion
- Frozen bovine meat – $1.21 billion
Argentina’s Top Imports
Here is a breakdown of the most important products imported by Argentina, both commodities and other notable imports.
- Refined petroleum – $2.93 billion
- Petroleum gas – $2.4 billion
- Soybeans – $2.36 billion
- Iron ore – $478 million
- Ethylene polymers – $427 million
Other Notable Imports
- Cars – $5.05 billion
- Vehicle parts – $2.85 billion
- Delivery trucks – $1.29 billion
- Packaged Medicaments – $1.32 billion
- Broadcasting equipment – $1.04 billion
GDP of Argentina
Argentina’s GDP is $520 billion, which equates to a GDP per capita of $11,684.
Details on Argentina’s Imports/Exports
Soybeans are a major source of export revenue for Argentina. The efficient outflow of the product through the Parana River is a primary reason why the country is the number one exporter of soybean meal and soybean oil in the world.
Vietnam is the leading destination for Argentina’s soybean meal exports. However, the United States is a notable absentee from the long list of nations that import the country’s soybean products.
The United States controls almost 40% of the annual corn export market that is worth $34.4 billion but Argentina is the second biggest exporter with a 12.9% market share.
Corn is a growing commodity for Argentina. Growers enjoy favorable climatic conditions and analysts suggest that attractive margins are prompting further expansion.
The global export market for soybeans is worth $59.2 billion with Brazil and the United States dominating the trade (85,1% market share combined). Argentina is ranked as the fifth-largest exporter with a 2.46% share of this particular market.
The latest annual global gold exports reached $305 billion, with Switzerland dominating with a 20.9% market share. At present, Argentina does not make the list of the top 15 countries which are responsible for over 80% of all gold exports.
Interesting Facts About Argentina
- There is a Welsh-speaking part of the country with its own dialect of Welsh.
- The country is home to the world’s widest avenue. The Avenida 9 De Julio (“9th of July”) has 14 lanes and 4 further lanes of parallel streets.
- The Cuban revolutionary Che Guevara was born in Argentina.
- 62.5% of the Argentine population is of Italian descent.
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Sources and Further Reading
- All figures are based on OEC 2018 calculations and projections unless otherwise stated.
- See our global economic indicator guide to more than 45 other countries.
- Learn more about the state of world government debt from our country debt clock pages.