Between January and March, the Rosario Stock Exchange estimated that agriculture contributed $1,466 million in withholdings to the Treasury, more than quintupling the contribution of the first three months of 2023, which in that period had added an estimated just 220 million dollars. .
“After the historic drought that hit Argentina during the 2022/23 wheat harvest and left a production loss of more than 50 million tonnes, the production recovery expected for 2023/24 suggests a greater contribution from the main agricultural supply chains in terms of export duties,” the work highlights.
However, according to the Rosario Stock Exchange, despite the notable recovery year on year, if you compare this data with previous years This is less than the more than $2,000 million raised in this way in the first three months of 2021 and 2022. This finds its explanation both in a greater volume of wheat declared in those years in those months, and in better export prices.
As for the projection for the rest of the year, although there is even more certainty about what will actually happen with the production of the rough crop, particularly with the late corn being affected by the leafhopper, based on the currently estimated volumes and of the current FOB prices and considering the average distribution of the DJVE of the last five campaigns, it is expected that the total contribution deriving from the withholdings of the main agricultural complexes reach 6,708 million dollarsmore than double the contribution made in 2023 but significantly below the 2021 and 2022 figures.
In this sense, due to the drop in international prices in the first months of the year, the estimate of the contribution of agricultural withholding taxes decreased by over 600 million dollars compared to the previous estimate of the Rosario Stock Exchange.
It should be remembered that soybeans are the most penalized crop, with a percentage of 33%. This is followed by wheat and corn, with 12%.
Settlements
In March, agriculture cleared $1,501 million, which is 22% more than the same month of March in 2023 and a 61% improvement in this year’s cumulative amount compared to 2023.
The data comes from the monthly report of the Chamber of the Petroleum Industry of the Argentine Republic (CIARA) and the Cereal Exporters Center (CEC), entities that represent 48% of Argentine exports.
In the first three months of the year, more than $4.5 billion was liquidated.
Source: Clarin
