Agribusiness entered US $ 32.8 billion of foreign currency to the country in everything 2021, for what marked an “absolute record” since the beginning of the century. This was reported by the Chamber of the Oil Industry (CIARA) and the Cereal Exporters Center (CEC) in the monthly statistical report.
During december, foreign sales of oilseeds, cereals and their derivatives, reached US $ 2,678 million during the last month of 2021, which implied an increase of 31.11% in relation to November latest.
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The foreign exchange received by the agro-industrial sector was key during the year, although the Central Bank’s reserves ended in 2021 at the same levels they had at the beginning of that year, as a consequence of the intervention in the foreign exchange market to try to stop the escalation of financial dollars and the blue dollar and debt payments with the IMF (covered with funds that the agency had drawn), among others.
Why the field achieved a record of dollars entered the country
From Ciara-CEC they explained that the income of the unpublished figure of dollars is related to “the reconstitution of stocks in the central countries keeps international prices high of commodities ”(both agricultural and mineral raw materials). Added to this is concern about the climate in South America, mainly in Brazil and Argentina, due to the effect that the drought will have on the imminent thick harvest.
When explaining the 2021 result, the agro-exporters indicated that the wheat campaign has already started in Argentina, which is expected to have the highest production in history, above 21.5 million tons. However, CIARA-CEC recalled, the country had to face the persistent downspout of the Paraná River, along with a lower harvest.
Read also Drought impacts corn: they estimate yield losses of up to 25%
The entities, led by Gustavo Idígoras, indicated that the currency settlement “is fundamentally related to the purchase of grain which will then be exported, either in their same state or as processed products after an industrial transformation “
Most of the foreign exchange income in the agricultural sector occurs well in advance of the export, anticipation that is around 30 days in the case of grains and reaches up to 90 days in the case of the export of oils and protein meals. “That Anticipation also depends on the time of the season and the grain in question, so there are no delays in the settlement of foreign currency”, They stated.
For fear of a rise in withholdings, exports of corn and wheat accelerated
The field’s record dollar inflow in 2021 came at a time when the wheat and corn exporters have already registered 90% of what is allowed by the “equilibrium volumes” for the 2021/22 campaign.
Thus, the Government began to reject the Affidavits of Foreign Sales (DJVE) to those who do not have physical merchandise.
According to data from the portfolio directed by Julián Domínguez, in corn, 22,475,050 tons were reached for 2021/2022, the 89.9% of “equilibrium volume”, set at 25 million tons until the harvest is advanced, which will start in mid-February in some areas.
While in wheat the brand was 11,665,353 tons, 93% of the 12.5 million allowed.
