The agro-export sector earned nearly $1.5 billion in February and added a figure exceeding $3.0 billion in the first two months.
According to data from the Chamber of the Petroleum Industry of the Argentine Republic (CIARA) and the Cereal Exporters Center (CEC), entities that represent 48% of Argentine exports, companies in the sector liquidated the sum of 1,499 million dollars in February . , which represents a 133% increase compared to the same drought-stricken month of February 2023.
But it is still far from the clearance rate recorded in February 2022 and 2021.
Taking into account January and February 2024, The transaction amounted to $3,021 million93% more than in the same period of the previous cycle.
According to Ciara-Cec, the inflow of foreign currency is the “result of the new export dollar regime and the new government’s macroeconomic movements” which influenced decisions to sell the grain supply.
“Grain exports continue to operate with high levels of spare capacity, as does the oil industry, which suffers from persistently negative margins,” insisted the chamber of grain exporters.
To all this, the decline in international prices and the decline in production Due to the heat wave, dollar earnings will be affected during the year.
According to a report from the Rosario Stock Exchange, at current prices, the value of exports of cereals, oils, flours and other derivative products Today it is expected at 31,300 US dollars, $4.5 billion less than expected in December.
“Once again, this dollar income will exceed that of the previous year as the ferocious drought leaves the level low, but we soften the result by taking the average of the last three years, the value of exports expected for the new cycle is 18% lower “, highlighted the work.
Source: Clarin
