Peanut exports grew in the first two months of 2023

Peanut exports grew in the first two months of 2023

The external sales of peanuts and their manufactures in it accumulated to February 2023 reached US$198 million, which represents a 15.6% increase compared to the previous year, according to a Sectorial Economic Research report (IES).

In 2022the peanut cluster exports exceeded $1 billion for the third year in a row.

According to the study, this year exports will be affected by the lower primary peanut harvest (projected at 1 million tons with a decrease of 25.7% per year), but the prospects are favorable in the medium term.

Likewise, the peanut oil production in the first two months of 2023 totaled 10 thousand tonswith a collapse of 47.1% compared to 2022.

The smaller peanut cropproduct of the drought, will affect the availability of raw material for export (the 2022/23 harvest has not yet entered the commercial cycle), which surely will impact the volumes exported in 2023 (the high prices will make up for it on the income side).

In the accumulated to Marchthe international price of peanuts verified a 4.8% increase.

Report Findings

“The global prestige of peanuts produced locally positions the country as a world leader in external sales of peanut products; this positioning of Argentina, added to a firm demand, augurs a sector export growth forward”IES added.

For Alexander Ovandohead of IES, “the sector depends on exports to grow, since the internal market is modest to absorb the growing production of peanut manufactures”.

Regarding the consumptionaccording to data from Peanut Chamberin the 2022/23 cycle would fall to 70 thousand tons (-9%).

Source: Ambito

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