December 2024 Sees 58% Year-on-Year Growth in Argentine Grain Revenues
Argentina’s grain and derivative exports generated $1.966 billion in revenue for December 2024, according to the Argentine Chamber of Oilseed Industry (Ciara) and the Center for Cereal Exporters (CEC).
This figure shows a 1.6% decline compared to November but marks a significant 58% increase from December 2023. These organizations represent nearly half of Argentina’s total exports.
Throughout 2024, Argentina‘s cumulative revenue reached $25.09 billion, reflecting a 27% rise from the previous year. The increase in foreign currency inflow during December resulted from strong grain sales and the beginning of wheat and barley harvests.
Additionally, a robust soybean crushing program for exporting soybean meal and oil contributed to the inflow. The report highlighted that 2024 outperformed the previous year in terms of foreign currency inflow due to a larger harvest volume.
The organizations noted that international prices did not keep pace with production improvements. They suggested that total annual values could have been even higher under different pricing conditions.
Soybean meal emerged as the primary export product, accounting for 12% of total exports. Corn followed closely, representing 11%, while soybean oil made up 6.9%.
This data underscores the importance of agriculture in Argentina’s economy. It also illustrates how market dynamics influence revenue generation in this vital sector.
More: Brazil news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief