The Chamber of the Petroleum Industry of the Argentine Republic (CIARA) and the Cereal Exporters Center (CEC), entities that represent 48% of Argentine exports, announced today that in the last month of February, companies in the sector liquidated the sum of US $ $644.9 million; with a decrease of 74% compared to the same month of the year 2022 and 30.5% less than in January 2023.
“Foreign currency inflows in February reflect a market hard hit by the extreme drought which has drastically reduced the production of the fine crop and the production of the prized corn,” said the industry.
Then they added that the exchange settlement is basically linked to the purchase of cereals which will then be exported, in the same state or as processed products, after industrial processing. Most of the foreign currency receipts in this sector occur well in advance of exports, an anticipation that is around 30 days in the case of exports of cereals and up to 90 days in the case of exports of oils and flours protein. .
The oilseed-grain complex, including biodiesel and its derivatives, contributed last year 48% of total Argentine exports, according to INDEC data. The main export product of the country is soybean meal (14.2% of the total), which is an industrialized by-product generated by this agro-industrial complex, which currently has a high spare capacity close to 50%. The second most exported product last year, according to INDEC, was corn (11%) and the third was soybean oil (6.9%).
Source: Clarin
