Argentina grain export revenue plummet 9% in one month

Argentine exports of grains and derivatives generated revenue of $1.746 billion in August 2023. This amount represents a 9% decrease compared to the previous month and a 48% drop compared to July 2022. The data was released by the Chamber of the Oilseed Industry of the Argentine Republic (Ciara) and the Center of Grain Exporters (CEC), organizations representing 48% of Argentina’s total exports.

In the first eight months of the year, the accumulated revenue is $14.7 billion, a 54% year-on-year decrease. According to these entities, the inflow of foreign currency in August continued to be affected by the severe drought that reduced soybean and corn production in the country.

The primary product exported by the sector is soybean meal, accounting for 14.2% of the total sold abroad by the country. Soybean meal is followed by corn (11% of the total) and soybean oil (6.9%).

Source: UOL

To read the original news report, visit: https://noticias.uol.com.br/ultimas-noticias/agencia-estado/2023/09/05/na-argentina-receita-com-exportacao-de-graos-cai-9-em-agosto-ante-julho.htm

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