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Montevideo, September 23rd 2018 - 12:59 UTC

Argentina farm exports soar in first quarter following elimination of taxes and controls

Thursday, May 5th 2016 - 09:42 UTC
Full article 21 comments
In the first three months of the year, Argentina exported 19.97 million tons of farm products versus 11.91 million in the first quarter of 2015 In the first three months of the year, Argentina exported 19.97 million tons of farm products versus 11.91 million in the first quarter of 2015
Leading the export surge were wheat and corn, which growers piled up on their farms during CFK’s rule. Wheat exports shot 105% higher while corn rose 84%. Leading the export surge were wheat and corn, which growers piled up on their farms during CFK’s rule. Wheat exports shot 105% higher while corn rose 84%.
Free-markets proponent Macri took office in December, promptly ditching the trade and currency controls applied by his predecessor Cristina Fernández. Free-markets proponent Macri took office in December, promptly ditching the trade and currency controls applied by his predecessor Cristina Fernández.

Argentine farm exports rocketed 68% higher in the first quarter compared to the same 2015 period, thanks to new policies that prompted growers to sell stockpiles built up under the previous administration, the government announced.

 The surge in shipments from the grains powerhouse will likely weigh on global food prices, which are near a seven-year low and expected to fall farther due to global slowing growth.

In the first three months of the year, Argentina exported 19.97 million tons of farm products versus 11.91 million in the first quarter of 2015, the government said in a statement.

Free-markets proponent Mauricio Macri took office as president in December, promptly ditching the trade and currency controls applied by his predecessor Cristina Fernández. His policies have been embraced by the markets and prompted a congratulatory visit from US President Barack Obama.

Leading the first-quarter export surge were wheat and corn, which growers piled up on their farms during CFK’s rule. She limited export of both crops and taxed the international shipments that were allowed to go through.

Macri scrapped those policies. Wheat exports shot 105% higher while corn rose 84%.

“Wheat re-entered historic markets such as Egypt, Morocco, Indonesia and Vietnam. Argentina exported more than three million tons of wheat to these markets during the quarter, twice the amount in the same 2015 period,” the statement said.

Argentina is also the world’s top supplier of soy-meal livestock feed, exports of which grew 73% during the quarter. Soy production is likely to be crimped this year by flooding at the start of the harvest in April.

Ernesto Ambrosetti, economist at the Argentine Rural Society (SRA), which represents big farms, said the country had nonetheless reclaimed its place as a reliable food supplier. He said farm exports have come to US$9.9 billion since Macri took office, 60% higher year on year.

Top Comments

Disclaimer & comment rules
  • chronic

    Dear canookis:

    Time to bite the bullet and ask for your government to contact America for air support to put the fire out before you lose another 1600 buildings.

    May 05th, 2016 - 10:22 am 0
  • Condorito

    Who would have thought it.

    Implementation of “Plan Condorito” almost complete:

    http://en.mercopress.com/2014/03/11/argentina-with-no-serious-economic-problems-just-complexities-and-challenges#comment313033

    May 05th, 2016 - 10:39 am 0
  • Troy Tempest

    @1 Fred Bates, Washington DC Realtor

    I take it that you have nothing to say about the subject, Argentine Farm
    Exports, and you have just taken to more trolling, for trolling' sake?

    I

    May 05th, 2016 - 02:23 pm 0
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