MercoPress. South Atlantic News Agency

Argentine exports hit historic highs in October

The 563.5% growth in soybeans reflects the results of the “Export Increase Program”

Argentina's Foreign Ministry Tuesday announced that the country's exports had amounted to US$ 7.901 billion in October, thus reaching new historic highs for this month.

These figures were driven by higher sales of agricultural products, minerals, fuels, and automobiles, it was also reported.

Foreign sales in October 2022 were over US$ 1 billion higher than in the same month last year, the authorities also said in a statement.

In the first ten months of 2022, total exports yielded US$ 75.144 billion, in revenues for a trade surplus of US$ 4.406 billion.

Between January and October, US$ 10 billion more worth of goods were exported than in all of 2019, thus reaching a new historical peak, 15.3% above January-October 2021.

The new achievements were driven by higher exports of soybeans, petroleum oils, and boneless frozen beef, in addition to motor vehicles, soybean meal and pellets, biodiesel, lithium carbonate, and aluminum among the industrial goods.

The 563.5% growth in soybeans reflects the results of the “Export Increase Program” aimed at promoting the commercialization of soybeans and their derivatives, the Foreign Ministry pointed out.

So far in 2022, the exported values of all major items increased: the Manufactures of Industrial Origin (MOI) reached the highest value since 2013 (US$ 19,263 million), the Manufactures of Agricultural Origin (MOA, US$ 27,899 million), and Primary Products (US$ 21,116 million) recorded record levels, while Fuels and Energy (US$ 6,866 million) reached their highest value since 2008.

The main export destinations for the first ten months of the year were Brazil (13.9%); China (9.1%); the United States (7.8%); Chile (5.5%); India (5.1%); and the European Union (12.3%).

The Foreign Ministry highlighted these data after the report of the National Institute of Statistics and Censuses (Indec) on the commercial exchange of October, which left a surplus of US$ 1,827 million.