Argentina’a agricultural exports reached more than US$2 billion in March 2022 – best figure in 20 years
RIO DE JANEIRO, BRAZIL – The Chamber of Petroleum Industries of the Argentine Republic (Ciara) and the Center of Grain Exporters (CEC) – entities representing 48% of Argentina’s exports – announced that in March 2022, they settled the sum of US$2,084 billion.
This is the best such month on record in the last 20 years, with a result 16% higher than the previous month and 7% above the same month in 2021.
Argentina’s main export product is soybean meal (14.2% of total exports), the second most important product in 2021 was corn (11%), and the third most important was soybean oil (6.9%). In addition, the oilseed-cereal complex, including biodiesel and its derivatives, contributed to 48% of the total exports of the country in 2021.
In this regard, both organizations pointed out in a communiqué that “international prices have maintained their upward trend, although shipments have been affected by the continued drop in the Paraná River, which reduces the utilization of river ports by changing weather conditions.”
“We must not forget that the total amount of foreign exchange reported each month is fully deposited with the Argentine Central Bank and that, according to FADA, the state raises through taxes about 50% of the foreign exchange revenues of the oilseeds complex and that this tax burden has increased since the recent increase in export duties,” they added.
The liquidation of foreign exchange is related to buying grain, which is later exported either in its unaltered state or as a processed product.
According to the companies, most of the foreign exchange earnings in this sector are generated in the run-up to export, about 30 days for cereals and up to 90 days for exports of oils and protein meals.
“This expectation also depends on the season and the grain in question, so there are no delays in the liquidation of foreign exchange,” Ciara and CEC said.
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