That dollar amount results from a 16.3% increase compared to $65.5 billion during 2018.
From 2021 to 2022, the overall cost of Argentina’s imported goods accelerated by 20.5% from $63.2 billion.
Based on the average exchange rate for 2022, the Argentine peso depreciated by a formidable -364.9% against the US dollar since 2018 and diluted by -37.5% from 2021 to 2022. 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 2022 averaged an astounding 72.431% compared to 48.409% in 2021.
From a continental perspective, well over a third (35.7%) of Argentina’s total imports by value in 2022 were purchased from Asia. Trade partners in Latin America excluding Mexico supplied 29.8% worth. Another 16.2% came from Europe and 15.6% originated from North America.
Tinier percentages were furnished by Africa (2.1%) and Oceania (0.6%) led by Australia.
Given Argentina’s population of 46.3 million people, its total $76.2 billion in 2022 imports translates to roughly $1,600 in yearly product demand from every person in the South American country. That per-capita dollar amount exceeds the average $1,400 for Argentina in 2021.
Argentina’s Top 10 Imports
The following product groups represent the highest dollar value in Argentina’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Argentina.
- Mineral fuels including oil: US$12.1 billion (15.9% of total imports)
- Machinery including computers: $10.9 billion (14.3%)
- Electrical machinery, equipment: $8.1 billion (10.6%)
- Vehicles: $7.5 billion (9.8%)
- Organic chemicals: $4.2 billion (5.5%)
- Plastics, plastic articles: $3.35 billion (4.4%)
- Pharmaceuticals: $3.08 billion (4%)
- Fertilizers: $2.5 billion (3.3%)
- Oil seeds: $2.1 billion (2.8%)
- Iron, steel: $1.8 billion (2.3%)
The top 10 product categories approached three-quarters (73%) of total import spending by buyers in Argentina.
The fastest grower among Argentina’s top import product categories were mineral fuels including oil thanks to a 108.3% increase from 2021 to 2022.
In second place were imports of organic chemicals (up 26.2%), ahead of electrical machinery and equipment (up 22%) and vehicles (up 16.3%).
Leading the decliners year over year were Argentine imports of oil seeds, recording a -21.9% drop.
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 refined petroleum oils (8.4% of total), petroleum gases (5.3%), automobile parts or accessories (4.6%), phone devices including smartphones (3.3%), soya beans (2.7%), cars (2.6%), blood fractions including antisera (2.1%), fertilizer mixes (1.8%), computers (1.7%) and medication mixes in dosage (1.6%).
Argentina’s Top Mineral Fuels Imports Including Oil
In 2022, Argentine importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$6.4 billion (up 123.3% from 2021)
- Petroleum gases: $4.1 billion (up 88.7%)
- Electrical energy: $773.3 million (up 152.7%)
- Coal, solid fuels made from coal: $555 million (up 71.5%)
- Petroleum oil residues: $116.3 million (up 285%)
- Coke, semi-coke: $65 million (up 30.9%)
- Tar pitch, coke: $50.3 million (up 77.9%)
- Coal tar oils (high temperature distillation): $40.4 million (up 80.7%)
- Petroleum jelly, mineral waxes: $22.1 million (down -3.1%)
- Asphalt/petroleum bitumen mixes: $1.7 million (up 821.9%)
Among these import subcategories, Argentine purchases of asphalt or petroleum bitumen mixes (up 821.9%), petroleum oil residues (up 285%) then electrical energy (up 152.7%) grew at the fastest pace from 2021 to 2022.
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.
Argentina’s Top Machinery Imports Including Computers
In 2022, Argentine importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$1.3 billion (down -15.9% from 2021)
- Heavy machinery (bulldozers, excavators, road rollers): $657.1 million (up 80.9%)
- Engines (diesel): $623.4 million (up 3.2%)
- Piston engine parts: $579.1 million (up 8.2%)
- Taps, valves, similar appliances: $508 million (up 24.9%)
- Air or vacuum pumps: $507.7 million (up 3.9%)
- Centrifuges, filters and purifiers: $492.1 million (up 23%)
- Liquid pumps and elevators: $417.3 million (up 10.5%)
- Turbo-jets: $369.6 million (up 99.7%)
- Piston engines: $368.7 million (up 47.5%)
Among these import subcategories, Argentine purchases of turbo-jets (up 99.7%), heavy machinery such as bulldozers, excavators and road rollers (up 80.9%) then piston engines (up 47.5%) grew at the fastest pace from 2021 to 2022.
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 Electronics Imports
In 2022, Argentine importers spent the most on the following 10 subcategories of electrical goods including consumer electronics.
- Phone system devices: US$2.5 billion (up 23.3% from 2021)
- TV/radio/radar device parts: $676.1 million (up 18.2%)
- Insulated wire/cable: $576.9 million (up 27.5%)
- Lower-voltage switches, fuses: $356.4 million (up 9.7%)
- Electric generating sets, converters: $277.5 million (up 353.6%)
- Electrical converters/power units: $269.4 million (up 7.8%)
- Electrical machinery: $256.2 million (up 57.8%)
- Integrated circuits/microassemblies: $254.2 million (up 7.7%)
- Electrical lighting/signaling equpment, defrosters: $245.7 million (up 14.8%)
- Electric storage batteries: $233.5 million (up 14.5%)
Among these import subcategories, Argentine purchases of electric generating sets and converters (up 353.6%), electrical machinery (up 57.8%) then insulated wire or cable (up 27.5%) grew at the fastest pace from 2021 to 2022.
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 Vehicles Imports
In 2022, Argentine importers spent the most on the following 10 subcategories of vehicles.
- Automobile parts/accessories: US$3.5 billion (up 19.4% from 2021)
- Cars: $1.9 billion (up 14.8%)
- Trucks: $676.3 million (up 13%)
- Motorcycles: $447.1 million (up 19.8%)
- Tractors: $313 million (down -3.9%)
- Motorcycle parts/accessories: $171.5 million (down -14.5%)
- Chassis fitted with engine: $123.5 million (up 31.6%)
- Automobile bodies: $113.2 million (up 32.4%)
- Trailers: $64.9 million (up 48.3%)
- Public-transport vehicles: $53.8 million (up 162.7%)
Among these import subcategories, Argentine purchases of public-transport vehicles (up 162.7%), trailers (up 48.3%) then automobile bodies (up 32.4%) grew at the fastest pace from 2021 to 2022.
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.
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 April 15, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 15, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 15, 2023
International Trade Centre, Trade Map. Accessed on April 15, 2023
