Argentina: Agro-exports generated more than USD 2 billion in March 2022

Argentine Edible Oil Association (CIARA in Spanish) and the Grain Exporters Association of Argentina (CEC), organizations that represent 48% of Argentine exporting businesses, announced the sell-off of USD 2,084 .037,264 in March 2022, making it the best March recorded in the last 20 years, up 16% from February 2022 and 7% higher than March 2021.

See below the track record of Argentina’s exports and imports handled in containers from January 2021 to February 2022. The data are from DataLiner.

Argentine Exports and Imports | Jan 2021 – Feb 2022 | TEU

Source: DataLiner (click here to request a demo)

Argentina’s major export product is soybean bran (14.2% of total exports), with corn coming in second (11%) and soy oil in third (6.9%). In 2021, the oil-cereal complex, which includes biodiesel and its derivatives, accounted for 48% of Argentina’s exports.

Given the context, both organizations indicated that “international prices were kept in an upward trend, although shipments were affected by the persistent drop in the water level of the Paraná River, which reduces the loading capacity in upriver ports as well as changing weather conditions.”

“Let us remember that all foreign currency reported monthly is entirely deposited in the Central Bank of Argentina. Tax collection by the State represents about 50% the foreign currency income generated by oil-grain exports, according to the Agricultural Foundation for the Development of Argentina (FADA). This tax burden has increased since the recent rise in export duties”, CIARA and CEC added.

The purchase of grains that will eventually be exported, either in their natural condition or as processed goods, is associated with foreign exchange clearance. According to organizations, most of the foreign exchange revenue in this sector happens in advance of exports, which is about 30 days in the case of grains and up to 90 days in the case of oil and protein flours.

Source: Portal Portuario

To read the full original article, please go to:

https://portalportuario.cl/argentina-agroexportaciones-generan-mas-de-usd-2-mil-millones-en-marzo-de-2022/

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