Argentine agribusiness: exports total USD 1.2 bln in October

Argentine exports of agribusiness products totaled USD 1.2 bln in October, informed the Argentine Edible Oil Association and Grain Exporters Association (CIARA-CEC) on December 1st.

The fact that sales slowed in October is due to the special stimulus measures implemented in September, which allowed the central bank to increase its reserves by approximately $5 billion. On Monday, the government reinstated a special exchange rate (“soy dollar”) for soybean sales at 230 pesos to the dollar, 40% higher than the official exchange rate.

Year-to-date, total exports reached more than US$ 35 billion. “This is the best year on record,” CIARA-CEC said in the report.

“Most of the foreign exchange earnings in this sector occur well before the goods are actually shipped, around 30 days in the case of grain exports, and up to 90 days in the case of protein oil and meal exports,” said CIARA-CEC.

Source: Canal Rural

To read the full original article, please go to: https://www.canalrural.com.br/radar/agronegocio-exportacoes-da-argentina-totalizaram-us-12-bi-em-outubro/

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