In 2023, the trade exchange between Argentina and Italy amounted to USD 2.614 billion, indicating a 4.7% decrease from the previous year. Despite this decline, the bilateral balance mirrors levels seen in 2018, albeit with a notable deficit for Argentina. Notably, shrimp exports play a significant role in this trade relationship.

Deepening Deficit for Argentina

Figures released by the Argentine Chamber of Commerce and Services (CAC) reveal a widening deficit for Argentina in 2023. The trade balance registered a deficit of about USD 1 billion, marking a significant increase from 2022’s deficit of USD 613 million.

The Chamber attributes the decline in bilateral trade primarily to reduced Argentine exports, both in quantity and value. This reduction stems from adverse weather conditions, particularly a severe drought, coupled with a downturn in international prices.

Export and Import Statistics

Argentina’s exports to Italy in 2023 totaled USD 803 million, reflecting a notable decrease of 24.6% compared to the previous year. Key exported products included, flour and pellets from soybean oil extraction (43.9%), shrimp (7.8% of total exports), and beef (5.1%). Conversely, Argentine imports from Italy increased by 7.9% from 2022, reaching USD 1.811 billion.

The trade balance between Argentina and Italy has exhibited a negative trend since 2012, with an average value of USD 480 million between 2012 and 2023. Notably, Argentine exports have declined since 2012, hovering around USD 1 billion, contrasting with the period between 2006 and 2011 when exports averaged USD 1.540 billion, driven by peak international prices.