There's something else you haven't considered: People ARE already doing it. I live in Beijing and here you can easily buy grey market Hong Kong iphones for significantly cheaper than mainland versions. Competition has driven prices down, and the part of the value captured by the smugglers is far lower than the difference between the official prices in the mainland and HK. I'd be very surprised if the same wasn't true in Argentina.
There's something else you haven't considered: People ARE already doing it. I live in Beijing and here you can easily buy grey market Hong Kong iphones for significantly cheaper than mainland versions. Competition has driven prices down, and the part of the value captured by the smugglers is far lower than the difference between the official prices in the mainland and HK. I'd be very surprised if the same wasn't true in Argentina.