Thanks to the “blend dollar”, the foreign exchange settlement of agro-exporters had an improvement of 61% in relation to the accumulated amount of this year compared to 2023.
The Chamber of the Oil Industry of the Argentine Republic (CIARA) and the Cereal Exporters Center (CEC), entities that represent 48% of the Argentine exports, announced today that during the month of March, companies in the sector settled the sum of US$1,501 million dollars; representing a increase of 22% compared to the same month of March 2023 and one improvement of 61% in relation to the accumulated of this year compared to the year 2023.
“The foreign exchange income for the month of March is the result of the new regime of exporter dollar effective from December 2023, of the low international pricessy of the macroeconomic movements of the new government that impact grain supply sales decisions. Grain exports continue to work with high levels of idle capacity, as well as the oil industry, suffering permanent negative margins,” explained the CIARA-CEC statement.
“The monthly income of foreign currency, transformed into pesos, is the mechanism that allows us to continue buying grains from producers at the best possible price. The settlement of foreign exchange is fundamentally related to the purchase of grains that will later be exported, either in their same state or as processed products, after an industrial transformation. Most of the foreign exchange income in this sector is produced with well in advance of the export, anticipation that is around 30 days in the case of grain exports and reaches up to 90 days in the case of the export of oils and protein meals. This anticipation also depends on the time of the campaign and the grain in question, so there are no delays in the settlement of foreign currency,” they added.
Foreign currency settlement from agro-exporters fell almost 10% in January to $1,879 million
The oilseed-cereal complex
He oilseed-cereal complexincluding biodiesel and its derivatives, contributed 50.1% of Argentina’s total exports in 2023, according to INDEC data.
The main country’s export product is soybean meal (12% of the total), which is an industrialized byproduct generated by this agro-industrial complex, which currently has a high idle capacity of close to 70%. The second most exported product last year, according to INDEC, was corn (11%) and the third was soybean oil (6.9%).
Source: Ambito
