According to the latest report from the INDEC national statistics bureau, Argentina’s trade with China recorded the highest negative balance in the first half of the year: US$5.227 billion.
The Asian giant continues to be Argentina’s second largest trading partner; however, the disparity between exports and imports is significant. Exports constitute 22.5 percent of total exports, whereas imports represent only 7.7 percent of all imports. During the same period, the official report indicates that “sales to that country reached US$3.07 billion, a decrease of 15 percent (down US$541 million) compared to the same period in 2024.” Imports amounted to US$8.297 billion, reflecting an increase of US$3.672 billion, or 79.4 percent, compared to the same period in the previous year.
The most recent monthly data pertains to June 2025, which exhibited a notable contraction relative to the same month in the previous year: exports decreased by 17.8 percent, while imports, conversely, surged by 92.2 percent. In the context of total monthly trade amounting to US$2.159 billion, it is noteworthy that 60 percent constituted imports, a significant increase from the 39 percent recorded in June 2024. “We have products that they need, but there is a rather unbalanced ‘complementarity’ from the point of view of added value,” Sergio Spadone, president of the Cámara Argentino-China (Argentine-Chinese Chamber of Commerce).
The Observatorio de Complejidad Económica (OEC) indicates that China’s primary exports to Argentina, alongside capital goods, include telephones and computers. Chinese imports from Argentina exhibit a concentration in specific product categories, notably frozen beef, carbonates, and molluscs. Manufactured goods and machinery predominantly originate from China. Spadone noted: “Products that are increasingly technological and sophisticated,” he explained.
In June, 59.4 percent of Argentine exports to China consisted of primary products, while 32 percent were manufactured goods derived from agriculture. Industrial manufactured goods represented a mere 5.1 percent of total exports, while fuel and energy comprised 3.5 percent. “The imbalance also has to do with a lack of planning,” argues Spadone. He noted the absence of a dedicated professional office within Argentina’s government that continuously analyzes the relationship with China.
“In China, there exists a strong resolve and clarity regarding their growth and development objectives, as well as their interactions with the global landscape and specifically with Latin America.” The evidence lies in the fact that every ambassador dispatched to Latin America communicates in either Spanish or Portuguese, contingent upon the nation they are engaging with, and they undertake thorough preparations for that assignment. “They are professionals, they are career diplomats,” said Spadone.
He elucidated that, “on the Argentine side, there has never been an office that cuts across governments and works on behalf of the local economy, foreign exchange earnings, and industrial development.” In response to this situation, he noted that two outcomes emerge: nations that may possess lower competitiveness capture market share, while entrepreneurs devise their own ‘survival’ strategies. “Entrepreneurs prepare themselves; they have formed partnerships. Entrepreneurs are attentive to these things because it is a survival instinct for an entrepreneur.” “But at the government level, that does not happen, which is a shame,” said Spadone.
As per the most recent statistics from the Chilean Central Bank’s foreign trade monitor, in the year 2025 to date, Chile has exported goods valued at US$19.453 billion to China, which remains its principal trading partner. The import value reached US$11.912 billion, leading to a trade surplus. “Chile exports US$50 billion worth of mining products, mainly copper.” “We have the same mountains, the same resources, we have to develop them,” noted Spadone.
According to Spadone, one of the opportunities that Argentines are overlooking in the expanding Chinese market is wine. Consumption has expanded significantly, with consumers demonstrating a growing concern for the traceability and safety of products. “Chile sells twenty times more wine than we do in dollars.” Australia’s figure is nearly 50 times greater. The journey ahead remains extensive. “Private initiative has to dare to go to China and conquer that market, which is complex, very large and very competitive,” argued the expert.
He noted that tourism services represent another missed opportunity. “The inbound tourism sector in Argentina has historically lacked government policies that promote the entry of Chinese tourists into the country.” Currently, the process has been simplified, albeit partially, for Chinese citizens holding a US visa. “Chinese tourists spend the most cash in the world, twice as much as European tourists,” he noted.
Regarding the influence of political dynamics, particularly in the context of President Javier Milei’s earlier contentious remarks concerning China, Spadone acknowledged that Argentina’s “pendulum” behavior is not conducive to stability. “Argentina, in its current situation, must adopt a strategic approach, effectively negotiate with all parties, and robustly defend its interests.” “The smart position would be to favour Argentine products and exports,” he summarised.