That dollar amount results from a 42% increase compared to $49.1 billion five years earlier during 2019.
From 2022 to 2023, the overall cost of Argentina’s imported goods fell -8.4% starting from $76.2 billion.
Based on the average exchange rate for 2023, the Argentine peso depreciated by -515.3% against the US dollar since 2019 and diluted by -126.8% from 2022 to 2023. Argentina’s weaker local currency makes its imports paid for in stronger US dollars relatively more expensive when converted starting from the Argentine peso.
Domestically, Argentina’s inflation rate for consumer prices during 2023 averaged a formidable 121.7% compared to 72.4% in 2022.
From a continental perspective, over a third (34.4%) of Argentina’s total imports by value in 2023 was purchased from Latin America excluding Mexico. Trade partners in Asia supplied 32.4% worth. Another 16.7% came from Europe and 14.4% originated from North America.
Tinier percentages were furnished by suppliers in Africa (1.6%) and Oceania (0.5%) mostly Australia and New Zealand.
Given Argentina’s population of 46.8 million people, its total $69.8 billion in 2023 imports translates to roughly $1,500 in yearly product demand from every person in the South American country. That per-capita dollar amount lags the average $1,600 for Argentina in 2022.
Argentina’s Top 10 Imports
The following product groups represent the highest dollar value in Argentina’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Argentina.
- Machinery including computers: US$10.6 billion (15.3% of total imports)
- Vehicles: $7.9 billion (11.3%)
- Electrical machinery, equipment: $7.8 billion (11.1%)
- Mineral fuels including oil: $7.3 billion (10.4%)
- Oil seeds: $5.4 billion (7.7%)
- Organic chemicals: $3.3 billion (4.7%)
- Plastics, plastic articles: $2.9 billion (4.2%)
- Pharmaceuticals: $2.5 billion (3.6%)
- Optical, technical, medical apparatus: $1.8 billion (2.6%)
- Iron, steel: $1.6 billion (2.3%)
The top 10 product categories approached three-quarters (73.2%) of total import spending by buyers in Argentina.
The fastest grower among Argentina’s top import product categories were oil seeds, thanks to a 153.9% increase from 2022 to 2023.
In second place were imports of vehicles (up 5.1%), ahead of optical, technical and medical apparatus (up 1.5%).
Leading the decliners year over year were Argentine imports of mineral fuels including oil (down -39.9% from 2022), organic chemicals (down -22%) and pharmaceuticals (down -17.8%).
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
At the more detailed 4-digit HTS code level, Argentina’s most valuable imported are soya beans (7.6% of total), automobile parts or accessories (5.9%), refined petroleum oils (4.8%), petroleum gases (3.6%), phone devices including smartphones (3.3%), cars (2.6%), medication mixes in dosage (1.7%), blood fractions including antisera (1.6%), computers (1.3%), and electrical energy (1.2%).
Argentina’s Top Machinery Imports Including Computers
In 2023, Argentine importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$884.1 million (down -30.2% from 2022)
- Engines (diesel): $811.7 million (up 30.2%)
- Centrifuges, filters and purifiers: $653 million (up 32.7%)
- Air or vacuum pumps: $530.8 million (up 4.5%)
- Taps, valves, similar appliances: $508.8 million (up 0.2%)
- Piston engine parts: $475.2 million (down -17.9%)
- Miscellaneous machinery: $430.9 million (up 24%)
- Liquid pumps and elevators: $428.5 million (up 2.7%)
- Heavy machinery (bulldozers, excavators, road rollers): $419.3 million (down -36.2%)
- Piston engines: $416.4 million (up 12.9%)
Among these import subcategories, Argentine purchases of centrifuges, filters and purifiers (up 32.7%), diesel engines (up 30.2%) then miscellaneous machinery (up 24%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports among Argentine businesses and consumers.
Argentina’s Top Vehicles Imports
In 2023, Argentine importers spent the most on the following 10 subcategories of vehicles.
- Automobile parts/accessories: US$4.1 billion (up 18.1% from 2022)
- Cars: $1.8 billion (down -7.3%)
- Trucks: $598.4 million (down -11.5%)
- Motorcycles: $462.9 million (up 3.5%)
- Tractors: $315.9 million (up 0.9%)
- Automobile bodies: $142 million (up 25.4%)
- Motorcycle parts/accessories: $126.1 million (down -26.5%)
- Chassis fitted with engine: $107.2 million (down -13.2%)
- Public-transport vehicles: $52.8 million (down -1.9%)
- Special purpose vehicles: $42 million (up 50%)
Among these import subcategories, Argentine purchases of special purpose vehicles (up 50%), automobile bodies (up 25.4%) then automobile parts or accessories (up 18.1%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of vehicles-related imports among Argentine businesses and consumers.
Argentina’s Top Electronics Imports
In 2023, Argentine importers spent the most on the following 10 subcategories of electrical goods including consumer electronics.
- Phone devices including smartphones: US$2.3 billion (down -8.5% from 2022)
- Insulated wire/cable: $596.5 million (up 3.4%)
- TV/radio/radar device parts: $471.5 million (down -30.3%)
- Lower-voltage switches, fuses: $348.2 million (down -2.3%)
- Electric generating sets, converters: $304.6 million (up 9.8%)
- Electrical converters/power units: $295.5 million (up 9.7%)
- Electrical lighting/signaling equpment, defrosters: $278.1 million (up 13.2%)
- Electric storage batteries: $261 million (up 11.8%)
- Electric motor parts: $249.8 million (up 156.9%)
- Electrical/optical circuit boards, panels: $238.3 million (up 43.2%)
Among these import subcategories, Argentine purchases of electric motor parts (up 156.9%), electrical or optical circuit boards and panels (up 43.2%) then electrical lighting and signaling equipment or defrosters (up 13.2%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of electronics-related imports among Argentine businesses and consumers.
Argentina’s Top Mineral Fuels Imports Including Oil
In 2023, Argentine importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$3.3 billion (down -47.9% from 2022)
- Petroleum gases: $2.5 billion (down -38%)
- Electrical energy: $835.3 million (up 8%)
- Coal, solid fuels made from coal: $272.5 million (down -50.9%)
- Coke, semi-coke: $110.7 million (up 70.3%)
- Petroleum oil residues: $85.8 million (down -26.2%)
- Tar pitch, coke: $55.2 million (up 9.7%)
- Coal tar oils (high temperature distillation): $31.2 million (down -22.7%)
- Petroleum jelly, mineral waxes: $19.9 million (down -10%)
- Peat: $801,000 (down -40%)
Among these import subcategories, Argentine purchases of coke or semi-coke (up 70.3%), tar pitch and coke: (up 9.7%) then electrical energy (up 8%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Argentine businesses and consumers.
See also Argentina’s Top Trading Partners, Argentina’s Top 10 Exports and Top South American Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 9, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on May 9, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 9, 2024
International Trade Centre, Trade Map. Accessed on May 9, 2024