Argentine exports of grain and derivatives generated us$ 928.3 million in january

The financial settlement related to the export of grains and derivatives in Argentina totaled US$ 928.3 million in January, informed the Chamber of Petroleum Industry of the Republic of Argentina (Ciara) and the Central Exportadora de Cereals (CEC). In comparison with the same month last year, the value fell 61%. Compared to December, there was a drop of 75%.

For exporters, the lows reflect the full-force entry of the “soybean dollar”, which accelerated exports in previous months, and the severe drought that harmed the country’s production.

Ciara and CEC stated that “the monthly income in foreign currency, converted into pesos, are the mechanism that allows us to continue buying grain from producers at the best possible price. The settlement of foreign currency is fundamentally related to the purchase of grains that will later be exported, in the same state or as industrialized products, after industrial transformation”.

In addition, they recalled that “most of the foreign exchange earnings in this sector occur well before exports, anticipation that revolves around 30 days in the case of exports of grains and up to 90 days in the case of exports of oils and protein meals. This anticipation also depends on the time of the campaign and the grain in question, so that there are no delays in the settlement of currencies”.

The complex made up of oilseeds and cereals, including biodiesel and other products, represented 48% of total Argentine exports last year. The country’s main export product is soybean meal (14.2% of the total), followed by corn (11%) and soybean oil (6.9%).

Source: Valor Econômico

To read the original report, visit: https://valor.globo.com/agronegocios/noticia/2023/02/02/exportacoes-de-graos-e-derivados-da-argentina-geraram-us-9283-milhoes-em-janeiro.ghtml

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