Exploring Argentina's Diverse Exports to Singapore: Opportunities for Singapore Businesses based on Trade Report.

International trade plays a vital role in the economic progress of nations, fostering collaboration and shared advantages. Argentina and Singapore have cultivated trade ties that have contributed to the advancement of both economies. In the year 2021, the exchange of goods between these two nations saw several key products prominently shaping the trade landscape.

This article delves into the leading 20 products exchanged between Argentina and Singapore, underscoring their significance and offering insights into how this trade arrangement benefits Singapore enterprises.

Exports from Argentina to Singapore

In the year 2021, Argentina sent out goods valued at $95.3 million to Singapore, signifying a notable trade relationship between the two nations. The primary items that Argentina exported to Singapore included Refined Petroleum ($24.2M), Molluscs ($16.8M), and Crude Petroleum ($15.2M). It is worth highlighting that over the past 26 years, Argentina's exports to Singapore have seen a gradual decline at an annualized rate of 2.34%, going from $177 million in 1995 to $95.3 million in 2021.

Singapore's Exports to Argentina

Singapore dispatched goods valued at $201 million to Argentina in 2021. The prominent items in this exchange were Packaged Medicaments ($39.9M), Pesticides ($19.8M), and Refined Petroleum ($16.9M). This trade flow presents an intriguing comparison to Argentina's exports, as Singapore's exports to Argentina have displayed a positive trend, with an annualized growth rate of 1.62% over the past 26 years. Starting from $133 million in 1995, Singapore's exports to Argentina rose to $201 million in 2021.

Exploring the Product Breakdown:

The trade alliance between Argentina and Singapore is characterized by the exchange of a diverse array of products. In the year 2021, both nations engaged in bilateral trade that showcased significant exports and imports.

Argentina's Exports to Singapore

In 2021, Argentina's exports to Singapore spanned a range of products, with the following leading 20 items holding particular importance:

1. Refined Petroleum: $24.2 million
2. Molluscs: $16.8 million
3. Crude Petroleum: $15.2 million
4. Bovine Meat: $6.33 million
5. Wine: $3.02 million
6. Concentrated Milk: $2.58 million
7. Vegetable Tanning Extracts: $1.64 million
8. Poultry Meat: $1.26 million
9. Iron Pipes: $1.04 million
10. Citrus: $763,000
11. Shaving Products: $636,000
12. Essential Oils: $523,000
13. Soybean Meal: $512,000
14. Raw Tobacco: $458,000
15. Non-fillet Frozen Fish: $472,000
16. Valves: $390,000
17. Oxygen Amino Compounds: $301,000
18. Bran: $260,000
19. Dried Fruits: $208,000
20. Enzymes: $126,000

Singapore's Exports to Argentina

Singapore, too, contributed to the trade relationship by exporting various products to Argentina. The top 20 products that Singapore exported to Argentina in 2021 were:

1. Packaged Medicaments: $39.9 million
2. Pesticides: $19.8 million
3. Refined Petroleum: $16.9 million
4. Motor Vehicles; Parts and Accessories: $15.4 million
5. Chemical Analysis Instruments: $6.09 million
6. Low-voltage Protection Equipment: $4.7 million
7. Nitrogen Heterocyclic Compounds: $5.72 million
8. Rubber Footwear: $2.01 million
9. Batteries: $1.88 million
10. Textile Footwear: $1.7 million
11. Broadcasting Equipment: $1.57 million
12. Poultry Meat: $1.16 million
13. Sulfonamides: $1.12 million
14. Orthopedic Appliances: $1.04 million
15. Industrial Printers: $1.06 million
16. Other Construction Vehicles: $570,000
17. Propylene Polymers: $561,000
18. Medical Instruments: $553,000
19. Office Machine Parts: $514,000
20. Other Edible Preparations: $450,000

Considering the list of the leading 20 products exported from Argentina to Singapore, there are several commodities that could prove beneficial for small and medium businesses in Singapore to consider procuring. These items offer the potential for expansion, diversification, and value enhancement for local enterprises.

Here are some of the top 10 commodities that Singapore businesses might contemplate importing from Argentina:

1. Refined Petroleum: Given the substantial value of refined petroleum in Argentina's exports to Singapore, this resource could be a valuable asset for Singapore businesses involved in manufacturing, energy production, or transportation.
2. Molluscs: The export of molluscs from Argentina could attract seafood distributors, restaurants, and food processing companies in Singapore aiming to offer a varied range of distinctive seafood products.

*** Molluscs products from Argentina refer to various seafood items that are derived from mollusks, a diverse group of marine and freshwater animals with soft, unsegmented bodies usually enclosed in a shell. In the context of trade and exports, molluscs products could include: Mussels,Clams,Squid and Calamari,Octopus,Scallops,Oysters, Abalone,snails etc . These molluscs products are harvested from the ocean, and their export from Argentina can contribute to international seafood trade. They are valued for their taste, nutritional content, and versatility in various culinary preparations***

3. Crude Petroleum: Crude petroleum could be a strategic import for industries related to energy production and refining, as well as for firms engaged in the production of petrochemical goods.

4. Bovine Meat: The import of bovine meat could be advantageous for Singapore's food and hospitality sector, providing high-quality meat products for restaurants, hotels, and catering enterprises.

*** Bovine meat items originating from Argentina encompass an array of cuts and processed meat selections sourced from cattle. Argentina's distinction in producing premium beef has elevated it to a prominent role as a major exporter of beef globally. These bovine meat offerings encompass an extensive spectrum of cuts and preparations derived from different sections of the cattle. Some prevalent instances of such products are Steaks, which include ribeye, sirloin, tenderloin, and T-bone cuts; Ground Beef; Roasts; Brisket; Beef Ribs; Corned Beef; Beef Jerky; Beef Sausages; various Beef Cuts; Beef Offal, which includes organs like liver, kidneys, tongue, and tripe; and Processed Meat Products.The recognition of Argentinian beef is particularly attributed to its exceptional quality, attributed to factors like the country's vast grasslands, time-honored grazing practices, and a commitment to natural feeding methods for the cattle. The exceptional quality and rich flavor of Argentinian bovine meat have significantly propelled its popularity within its domestic market and across international borders.***

5. Wine: The import of Argentine wine could cater to the increasing demand for international wines among consumers in Singapore, including wine shops, restaurants, and wine-related businesses.

6. Concentrated Milk: Concentrated milk could serve as a valuable ingredient for the food processing sector, encompassing dairy-based products, baked goods, and confectionery.

7. Vegetable Tanning Extracts: This commodity could pique the interest of businesses involved in manufacturing leather goods and related sectors like fashion and accessories.

8. Poultry Meat: Importing poultry meat could support local food providers, including supermarkets, restaurants, and fast-food chains, by offering diverse poultry choices.

*** Poultry meat products from Argentina typically include various cuts and processed forms of chicken and other poultry. These products can range from fresh, chilled, or frozen chicken cuts to value-added processed items. Some common poultry meat products from Argentina might include: Chicken Cuts , Processed Chicken Products, Processed Turkey and Other Poultry, Pre-cooked Chicken, Canned Poultry Value-Added Products such as Organic or Specialty Poultry, Halal or Kosher Poultry (Depending on market demand, there could also be poultry products adhering to specific religious dietary requirements ). ***

9. Iron Pipes: Iron pipes could be pertinent for construction firms, plumbing services, and infrastructure development projects in Singapore.

10. Citrus: The import of citrus fruits could provide local markets with fresh produce, benefiting grocery stores, fruit vendors, and food service establishments.

These commodities open up a range of possibilities for small and medium businesses in Singapore to expand their product offerings, enrich their value chains, and cater to evolving consumer demands.

Bilateral Trade and Economic Complexity

Argentina's Economic Complexity Index (ECI) for 2021 stood at 0.074, ranking 60th out of 131 countries, whereas Singapore's ECI was notably higher at 1.74, securing the 6th position. Argentina's total exports for the year amounted to $68.7 billion, while Singapore's were $351 billion, establishing Singapore as a significant participant on the global trade platform. These numbers mirror the diverse economic structures and trade capabilities of the two countries.

The trade relationship between Argentina and Singapore serves as a prime example of the intricate dynamics of international trade. This trade arrangement undeniably brings benefits to Singapore businesses. Diversification, resource access, increased revenue, and network expansion are just a few of the advantages that emerge from this trade partnership. As both nations continue navigating the global economic landscape, their trade interactions stand as a testament to the power of collaboration and mutual growth on the international stage.

#ArgentinaExports #SingaporeTrade #GlobalCommerce #BusinessOpportunities #TradePartnership #CommodityImports #singaporebusinessfederation #globalconnect #commodities #businessopportunities

The information provided originates from the author's independent research and perspectives and may not necessarily represent the official position of any specific institution. For a more thorough understanding, we recommend that readers conduct their own additional research. If you have any inquiries about LATAM and SBF@GlobalConnect, please feel free to contact Novia at [email protected] for an informative discussion.