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Germany and Argentina have more than 160 years of binational relations based, not only on political issues, but also on social and economic bonds. Both countries are great trading partners.
Contents
Argentina is Germany's third trading partner in America, after Brazil and Mexico. Germany is the first trading partner of Argentina in the European Union (EU). This relationship favours Argentina's approach to the European market, since Germany is the largest economy in Europe. It is also an intersection point for European and international goods, with more goods going through it than in other EU countries.
For more than 20 years, Germany has been one of the top five markets from which Argentina imports. In 2023 the exchange was US$2,783.72 million and so far in 2024, goods were imported for US$635.93 million. Automobile or machinery parts, immunological products and medicine have historically led the ranking of German exports to Argentina.
Given the level of industrialization that Germany has, raw materials are the ones that most easily find a market: from fuel to food. It is in this last area where Argentina has best positioned itself. “For Germany, Argentina is the most important supplier of meat outside the European Union, and they are our main consumer of the Hilton quota1,” says Julia Adano, Lead Tax Partner and Agribusiness spokesperson at Grant Thornton Argentina. “In 2023, boneless beef exports were US$243.65 million and in this first quarter of 2024, Argentina has exported US$55.65 million.”
Key elements for the German chemical industry also have their origin in our country: organic and inorganic chemicals (inorganic or organic compounds of precious metals, radioactive elements, rare earth metals or isotopes) and albuminoid materials. As well as elements for automobile production, such as intake or exhaust valves for engines, nuclear reactors, boilers, machines, appliances and mechanical devices.
The German economy
Just linke in Argentina, small and medium-sized enterprises (SMEs) are the backbone of the German industry. They represent 99% of the total number of companies in the country, which has a diverse and active context which favours the creation and development of startups.
Germany is the most open economy of the G7, and its foreign trade (sum of imports and exports) represents 98.6% of its gross domestic product (GDP). It is, along with China and the United States, one of the main exporting economies. Its most relevant productive sectors are the automotive industry, mechanical engineering, facility construction and chemistry.
“Germany depends a lot on commercial exchange, which is why it promotes and defends free trade and open relations with equal rights and conditions,” says Fernando Fucci, Managing Partner of Grant Thornton Argentina and International Business Centre Director. This is reflected in the 140 German Chambers of Industry and Commerce Abroad (AHK) established in 92 countries.
The Argentine opportunity
In 2022, petroleum gas was the most imported good in Germany (4.6%) and crude oils from petroleum or bituminous minerals accounted for 4%. “Although these come from other countries in Europe or Asia, the current geopolitical conflicts could represent an opportunity for Argentina in the hydrocarbon market,” comments Fernando Fucci. “Argentina has the second largest reserve of unconventional gas and the fourth largest reserve of oil from the same source2. The investments that have been made and will be made in the industry allow us to increase production, opening new markets for export.”
The Argentine energy and natural resources industry can find a market in Germany, along with the knowledge-based economy (KbE), since the German government and the automotive industry are working to become leaders in electromobility. Companies are investing large sums of money in energy research and developing batteries for electric vehicles.
“The ‘Battery 2020’ project was the first step in the research and development of more efficient battery systems. Argentina has not only copper and lithium, but also silicon,” highlights Fucci. These materials are key for environmental technology and the generation of sustainable energies (wind generators and solar cells). So is the technology associated with the development of electric and hybrid vehicles.
Fernando adds: “The National Atomic Energy Commission (Comisión Nacional de Energía Atómica - CNEA) is developing the RA-10 nuclear reactor and its start-up is scheduled for the end of next year. RA-10 will allow silicon to be intervened (adding impurities intentionally to modify certain parameters of the material). Although the main objective is its medical use, we cannot help thinking that in the future it will extend to other industries”.
The German Sustainability Strategy (DNS, for its acronym in German), encouraged companies to become leaders in efficient technologies and to care for the environment throughout the production chain. This has led to all raw materials coming from other countries having to meet certain sustainability standards.
The Argentine agricultural sector is at the forefront and can satisfy the needs of the German market. Animal welfare and grazing for meat production positions Argentina ahead of other competitors, and its quality makes it a consumer favourite. Furthermore, the European country is the largest importer of honey in the continent (80% of consumption) and Ukraine was its main supplier. With the outbreak of war, this trade was affected. This also represents an opportunity for Argentine honey, recognized worldwide for its quality and purity.
In recent years, imports of plant-based drinks into Germany have increased significantly. With the right incentives, Argentina could become an important supplier, expanding the offer to value-added products, and not just exporting raw materials.
Argentina and Germany could be great allies to produce new scientific and technological developments and fight climate change. One field that may be attractive is the production of green hydrogen3. Due to climatic and geographical conditions, Argentina has great potential for the production and export of green hydrogen at competitive costs and Europe is one of the largest future markets for green hydrogen.
“The national economy and German technology have the capacity to take the relationship between both countries beyond and position the two markets among the most attractive,” closes Fernando Fucci.
1 The “Hilton quota” is a quota for boneless beef of high quality and value that the European Union grants to meat-producing and exporting countries and is administered by the exporting country. Argentina currently has a quota of 29,389 tons per year and a quota of 200 tons for buffalo meat, whose commercial cycle runs from July 1 of each year to June 30 of the following year. Source: Ministerio de Economía de la República Argentina – Secretaría de Bioeconomía https://www.magyp.gob.ar/
2 Argentina and hydrocarbons - https://www.grantthornton.com.ar/en/insights/articles/argentina-and-hydrocarbons/
3 New project of the National Regime Law for the promotion of hydrogen - https://www.grantthornton.com.ar/en/insights/articles/New-project-of-the-National-Regime-Law-for-the-promotion-of-hydrogen/