Agro-exports were more than US $ 2,416 million in October, what represents a rise of 40.8% year-on-year and the best figure for that month “since the beginning of this century and in the entire historical series”, reported the Chamber of the Oil Industry of the Argentine Republic (CIARA) and the Cereal Exporters Center (CEC). However, the monthly sum reflects a decline in the 1% compared to last September.
Both entities, which represent 48% of shipments abroad, also indicated that the accumulated foreign exchange income from agricultural exports in the first ten months of 2021 it was almost US $ 28,087 million, meaning a rise of 66.6% with respect to the same interval of 2020 and a “absolute record for the same period since the beginning of this century ”.
In that sense, they detailed that “the predominant factor was the sustained growth of international prices, which offset the lower quantity measured in tons. This performance was achieved despite the notable upheavals produced by the Paraná River downspout ”.
The liquidation of foreign exchange is fundamentally related to the purchase of grains that will later be exported either in their same state or as processed products, after an industrial transformation. “Most of the foreign exchange income in this sector occurs well in advance of the export, which is around 30 days in the case of grain exports and reaches up to 90 days in the case of oils and protein meals. This anticipation also depends on the timing of the campaign and the grain in question, so there are no delays in the settlement of foreign currency, “they said from CIARA-CEC.
For this reason, they clarified that, in this sector, statistical comparisons between different periods “are generally imprecise or inaccurate, since the settlement of foreign exchange is strongly influenced by the commercial cycle of grains, which depends on various and changing exogenous factors.”
Soybean meal is the main export product
From CIARA-CEC they remarked that the country’s main export is soybean meal, with 14.2% of the total. “It is an industrialized by-product generated by this agro-industrial complex, which currently has a high idle capacity close to 50%”, They indicated.
Likewise, the oilseed-cereal complex, including biodiesel and its derivatives, contributed 48% of Argentina’s total exports during 2020, according to INDEC data. While, the second most exported product last year was corn (11%) and the third place corresponded to soybean oil (6.9%).
According to data published by the United States Department of Agriculture (USDA, for its acronym in English), Argentina is expected to maintain the first place in exports 2020/21 of oil and oilseed meal.
“Only the soy complex, which represented 27% of Argentina’s total exports in 2020, constitutes 16% (344,865 positions) of the employment generated in 2017 by all agribusiness chains, according to a report from the National Ministry of Labor ”, highlighted from CIARA-CEC.
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