The foreign exchange income in September was 21% higher in relation to the same month in 2023, as well as a 1.2% increase in relation to the month of August 2024.
The Chamber of the Oil Industry of the Argentine Republic (CIARA) and the Center of Cereal Exporters (CEC), entities that represent 48% of Argentine exports announced that during the month of September, companies in the sector liquidated the sum of US$2,480 million dollars; implying 21% higher compared to the same month in 2023as well as a rise in 1.2% in relation to the month of August 2024. If we compare the first nine months of this year with the previous year, the increase is 11%.
The foreign exchange income for the month of September is the result of the regime of the dollar blend, of international prices, the impact of climate and pests on the harvest rate of corn and soybeans and the relationship between input costs and grains. The export of grains continues to work with high levels of idle capacity, as well as the oil industry, suffering permanent negative margins.
dollar-agro-5-grandejpg.jpg
As detailed in the official statement, “in this sector, statistical comparisons between different periods are generally imprecise or inaccurate since foreign exchange settlement is strongly influenced by the commercial cycle of grains, which depends on various and changing exogenous factors such as international price fluctuations, reduction in supply, different volume and protein value of harvests, climatic conditions, holidays, union force measures, regulatory modifications, tariff and foreign tariff barriers, phytosanitary or quality requirements of other countries, etc.
The oilseed-cereal complex
The oilseed-cereal complex, including biodiesel and its derivatives, contributed 50.1% in 2023 of Argentina’s total exports, according to INDEC data.
The country’s main export product is soybean meal (12% of the total), which is an industrialized by-product 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
