The Chamber of the Oilseed Industry (CIARA) and the Center of Grain Exporters (CEC), which together represent 48% of Argentine exports, reported that during January they liquidated a total of US$ 2.073 billion. This marked a 36% increase compared to the same month of the previous year, as well as a 5% increase compared to December 2023.
According to the report, this influx of foreign currency occurred as a result of a good sales pace of grains by producers, as well as deliveries to port of wheat and barley harvests. Additionally, there was a sustained soybean milling program for the shipments of soybean meal and oil. Despite international prices not being reflected in this increase in production, the total amount of foreign currency could have been higher if not for this.
The liquidation of foreign currency is closely related to the purchase of grains that will be exported, either in their original form or as processed products after industrial transformation. Most of this foreign currency is liquidated in advance before export, with an average of 30 days for grains and up to 90 days for oils and protein meals.
It is important to note that comparative statistics in this sector are often imprecise due to the strong influence of the grain trade cycle. This cycle is subject to various changing external factors such as international prices, agricultural supply, climatic conditions, among others.
The oilseed-cereal complex, which includes biodiesel and its derivatives, represented 50.1% of the total exports of Argentina in 2023 according to INDEC. Soybean meal is positioned as the main exported product with 12% of the total, followed by corn (11%) and soybean oil (6.9%).
In terms of production capacity, it is noteworthy that the soybean meal industry has a high idle capacity close to 70%. These figures reflect the importance and significant impact that the oilseed-cereal complex has on Argentine foreign trade.
