The chambers that represent 48% of Argentine exports, announced that they settled US$2,553 million, representing an increase of more than 200% compared to October of last year.
The Chamber of the Oil Industry of the Argentine Republic (CIARA) and the Center of Cereal Exporters (CEC), which represent 48% of the country’s exports, announced that in October companies in the sector settled 2,553 million dollars. This represents a notable increase of 243% compared to October 2023 and a growth of 2.9% compared to September 2024.
In accumulated terms, the first ten months of this year show an increase of 21% compared to the previous year, marking the best October since records began in 2002.
“The foreign exchange income for the month of October is the result of a better pace of grain sales by the producer, as well as greater soybean grinding at high levels for the month of October, and finally, an aggressive soybean flour and oil shipment program. Grain export continues working with high levels of idle capacity, as well as the oil industry, suffering permanent negative margins,” highlighted the official statement.
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THE OIL-GRAIN COMPLEX
The coilseed-cereal complex, including biodiesel and its derivatives, contributed 50.1% of Argentina’s total exports in 2023, 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
