In this sense, Pettis affirmed that Argentina’s delay can harm North American farmers since Argentina will have to allocate more financing to target agro-exports and thus generate more foreign currency that will allow it to meet its debts. This action would fully impact the North American market.
“US agricultural interests should pressure Washington to support Buenos Aires in these negotiations. Without an easier agreement, the only way Argentina could handle the pressure would be to allocate resources to the export of agricultural goods,” Pettis said in his Twitter account and noted that: “We already saw this during the terribly difficult restructuring period of the 1980s, when countries like Brazil and Argentina were forced by collapsing domestic demand and huge external payment needs to run surpluses massive commercials.
“Right now, the world doesn’t need the collapse of domestic demand in developing countries. These negotiations are not about Argentina against the world. It is about creditors, many of them wealthy Argentines, versus producers and farmers in Argentina, the United States and elsewhere.”, sentenced.
The truth is that in a context of favorable international prices, agro-industrial exports Last year, they contributed a foreign exchange income of 32,807,933,377 dollars, an absolute record since the beginning of this century. This was reported by the Chamber of the Oil Industry of the Argentine Republic (CIARA) and the Cereal Exporters Center (CEC), which are the entities that represent 48% of Argentine exports.
The record wheat harvest together with high international prices continue to leverage an extraordinary income of foreign exchange from the countryside, only during the first week of January the sector contributed just over US$600 million, which represents a very good start to the year in a quarter in addition where the sector would liquidate the record of US $ 9,000 million. Despite the revenue cut estimated by the Rosario Stock Exchange, the field continues to be the sector that leads exports and generates foreign exchange.
Source From: Ambito
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