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Argentina's farm export revenues up 22% in March
03/04/2024 17:02 - RSF
BUENOS AIRES, April 3 (Reuters) - Argentine farm exports rose to $1.5 billion in March, a 22% increase from the same month last year, oilseed industry and grains export chamber CIARA-CEC said on Wednesday.
Revenues from grain exports, a key source of foreign currency as the country battles an economic crisis, have been surging since President Javier Milei devalued the local peso currency by more than 50% after taking office in December, in a boost to agricultural shipments.
In 2024 so far, according to CIARA-CEC, revenues have jumped 61% on a yearly basis.
Argentina is one of the world's top exporters of processed soy, the No.3 for corn and a major supplier of wheat.
CIARA-CEC said the March figures reflect "the new foreign exchange regime for exports in place since December 2023, low international prices and macroeconomic measures implemented by the new government that impact the decision to sell grains."
Soybean meal is the country's main export product, with a 12% share of total shipments, but the local industry has an elevated idle capacity now close to 70%, according to CIARA-CEC.
Year-on-year
Month Grains export change (%)
value ($)
January 1.245 billion +64
February 1.52 billion +64
March 1.5 billion +22
(Reporting by Walter Bianchi
(([email protected]; +55 11 5047-3352)
03/04/2024 17:02 - RSF
BUENOS AIRES, April 3 (Reuters) - Argentine farm exports rose to $1.5 billion in March, a 22% increase from the same month last year, oilseed industry and grains export chamber CIARA-CEC said on Wednesday.
Revenues from grain exports, a key source of foreign currency as the country battles an economic crisis, have been surging since President Javier Milei devalued the local peso currency by more than 50% after taking office in December, in a boost to agricultural shipments.
In 2024 so far, according to CIARA-CEC, revenues have jumped 61% on a yearly basis.
Argentina is one of the world's top exporters of processed soy, the No.3 for corn and a major supplier of wheat.
CIARA-CEC said the March figures reflect "the new foreign exchange regime for exports in place since December 2023, low international prices and macroeconomic measures implemented by the new government that impact the decision to sell grains."
Soybean meal is the country's main export product, with a 12% share of total shipments, but the local industry has an elevated idle capacity now close to 70%, according to CIARA-CEC.
Year-on-year
Month Grains export change (%)
value ($)
January 1.245 billion +64
February 1.52 billion +64
March 1.5 billion +22
(Reporting by Walter Bianchi
(([email protected]; +55 11 5047-3352
)
