Exporting guide to

Argentina

Overview

Argentina is the second largest economy in South America. It's a member of the G20 and the Mercosur trading block. Argentina has vast natural resources in agriculture, mining and energy including renewables. It has one of the highest English Proficiency Index scores in Latin America and its people have a European style business culture.

Trade statistics

£900.0 million total UK exports to Argentina for the four quarters to the end of Q2 2023

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2023)

71st largest UK export market

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2023)

0.1% of total UK exports for the four quarters to the end of Q2 2023

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2023)

Growing market potential

Despite high inflation and a devalued peso increasing the cost of imports, there are large scale investment plans in place for production and export of natural resources (Argentine Investment Agency, 2019).

UK government support

Argentina and the UK have a long-standing double taxation agreement. Both countries also have an Investment Promotion and Protection Agreement. A dialogue has been held between the two governments annually since 2017, to promote bilateral trade.

British quality is highly respected

Over 100 UK companies have a permanent presence in Argentina. This includes 20 FTSE 100 companies like BT, GSK, HSBC and Unilever, and a range of small and medium sized UK businesses. They and other companies representing British principals report customers are keen to learn of new products and solutions coming from the UK.

Top five UK goods exported to Argentina , in the four quarters to the end of Q3 2023

Goods Value (£ million )
Mechanical power generators (intermediate) 79.2
Medicinal & pharmaceutical products 61.6
Non-ferrous metals 49.3
Other chemicals 27.9
Refined oil 22.3

Source: ONS Trade in goods: country-by-commodity exports
Last updated: November 2023
Download the latest trade and investment factsheet for Argentina.

Top five UK services exported to Argentina , in the four quarters to the end of Q1 2023

Service Value (£ million )
Telecommunications, computer and information services 98.0
Transportation 65.0
Insurance and Pension 45.0
Travel 32.0
Maintenance and Repair 10.0

Source: ONS UK trade in services: service type by partner country, non-seasonally adjusted
Last updated: July 2023
Download the latest trade and investment factsheet for Argentina.

Argentina: at a glance

Economic growth

10.4%

Actual figure (IMF, 2021)
The UK is 7.6% (IMF, 2021, actual figure)

GDP per capita

$10,413

Actual figure (IMF, 2010)
The UK is $39,736 (IMF, 2010, actual figure)

Currency

Peso

Business languages

Spanish

Time zone

GMT -3

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Opportunities for exporters

There are opportunities for UK companies across a broad range of industries and a “British family” of some 130 UK companies with a permanent presence in Argentina, from which you can find support when entering the market. The Department for Business and Trade team in Buenos Aires has identified opportunities in the following sectors:

Check for trade barriers

Trade barriers, such as tariffs or taxes, can raise costs, cause delays, or even stop you from exporting. Check for any issues that may impact your business when exporting.

See current trade barriers

See resolved trade barriers

Check duties and customs

Find information on how to export goods from the UK. View the duties, rules, restrictions, and the documents you need for your products.

See current duties and customs procedures

Doing business in Argentina

Preparing to export

You should be attentive to requests from your representatives in the market, regarding labelling, export documents and packaging. Small deviations from the instructions could result in increased costs and delays.

Establishing good personal relations is important, to ensure continuity in managing the relationship.

VAT

VAT will be 21% on most goods to be paid by the Argentine importer at the time of importing.

Import duties

All goods imported from non-MERCOSUR countries attract a common external import tariff that ranges between 0 to 35 percent, with the average rate being 14%. Some goods do not attract a single common rate, although MERCOSUR member countries aim to converge towards a common external tariff for these goods.

Further information is available from The Foreign Trade Information Center (CICE) (website in Spanish).

Regulations

Export documentations are like those for any other country. Deviations could bring additional costs and delays and could even complicate payment as they could be considered discrepancies by the participating financial institutions. As with documentation, labelling and packaging details should be agreed with the importer to avoid delays.

Further information is available from The Foreign Trade Information Center (CICE) (website in Spanish).

Double taxation agreement

If you are exporting a service, you can use the Double Taxation Agreement. If the Argentine company is required to withhold part of a payment to pay local taxes, you can deduct the difference from your tax liabilities in the UK, as you originally exported the service.

Local representation

We cannot stress enough the importance of a good agent, distributor, or representative and following their advice to enter the market in a cost-effective way. Local assembly as well as the use of duty-free areas could be a good way into the market.

Trade barriers

Check for any reported barriers to trading with Argentina.

Report any trade barriers that are affecting your business so we can help fix them.

Operating in Argentina

Argentine and International companies are treated equally by law. Despite this, bureaucracy and the variety of taxes and regulations can make it complex. Obtaining professional help is strongly advised, especially as this will reduce the risk of long and possibly expensive wrangling later.

Intellectual property

Intellectual property (IP) rights are territorial and rights granted in the UK do not provide protection elsewhere. You should consider getting IP protection abroad if you want to trade overseas or sell to overseas customers via the internet.

The Intellectual Property Office provides practical information to help you protect, manage and enforce your IP abroad. Further support for British businesses can be found through a network of IP attachés, based in key UK export markets.

Payment terms

Letters of Credit are expensive in Argentina and local customers may prefer other payment forms such as advance payments. We recommend using them to start any new commercial relationship as well as exploring the possibility of advanced payments on at least part of the goods.

Challenges

Argentina presents challenges for businesses that can include high inflation, high labour costs, currency exchange rate restrictions and instability. There are complex standards, certification, registration, and public procurement issues. You should contact the Department for Business and Trade (DBT) Argentina for more information and advice.

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