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Economy of Argentina – Overview
Argentina is the 36th largest export economy in the world and with annual exports of $56.9 billion and imports of $54.7 billion, it has a positive trade balance of $2.24 billion.
Its GDP figure is $545 billion and that equates to a GDP per capita of $19,900.
The country has increased the value of its exports by an annualized rate of 2.32% in the last five years.
Argentina’s Top 5 Commodity Exports
|Soybean Meal||$9.96 billion|
Argentina’s Other Notable Exports
- Soybean Oil – $4.1 billion
- Delivery Trucks – $2.58 billion
- Cars – $1.53 billion
- Crustaceans – $1 billion
- Wine – $812 million
The top export destinations of Argentina are Brazil ($9 billion), The United States ($4.48 billion), China ($4.43 billion), Vietnam ($2.55 billion) and Chile ($2.32 billion).
Argentina’s Top 5 Commodity Imports
|Refined Petroleum ||$1.87 billion|
|Petroleum Gas||$1.75 billion|
|Iron Ore||$316 million|
Argentina's Other Notable Imports
- Cars – $4.47 billion
- Vehicle Parts – $2.48 billion
- Telephones – $2.05 billion
- Packaged Medicaments – $1.19 billion
- Computers – $772 million
More Information on Argentina’s Commodities
Soybeans are a major source of export revenue for Argentina and the efficient outflow of the product through the Parana River is a primary reason why the country is the number one exporter with a 42% share of a global annual market worth $23.7 billion.
Vietnam is the leading destination for Argentina’s soybean meal exports but a notable absentee from the long list of nations who import the country’s soybean is the United States.
The United States controls almost 40% of the annual corn export market that is worth $25.3 billion but Argentina is the second biggest exporter with a 17% market share.
Corn is a growing commodity for the country and it is predicted that Argentina’s corn area now exceeds 5 million hectares.
Growers enjoy favorable climatic conditions and analysts suggest that attractive margins are prompting further expansion.
The global export market for soybeans is worth $49.9 billion with Brazil and the United States dominating trading for soybeans alone (83% market share combined). Argentina is ranked as the third largest exporter with a 6.5% share of this particular market.
Latest annual global gold exports reached $324 billion and Switzerland dominates with a 25.3% market share. At present, Argentina does not make the list of the top 15 countries, who are responsible for over 80% of all gold exports.
Barrick, the world’s biggest gold miner, recently sold a 50% stake in the Veladero mine in Argentina to a Chinese rival miner.
Argentina is currently the eighth largest exporter of wheat with a 5.1% share of an annual worldwide market that is worth $36.3 billion.
The country has suffered a decline in its wheat export numbers of 36.7% over the last five years.
A Few Interesting Facts
- Argentina has dropped no less than 13 zeros from its currency since 1970.
- 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 “9th of July” has 14 lanes and 4 further lanes of parallel streets.
- The Cuban revolutionary Che Guevara was actually born in Argentina.
- 37% of the Argentine population are of Italian descent.
All Figures based on OEC/IMF 2016 projections unless otherwise stated.