Exports of the main agricultural complexes grew by almost 11% in 2021

Exports of the main agricultural complexes grew by almost 11% in 2021

Last year ended being crowned as the year of the largest currency settlement in history. However, this is not exclusively due to the increase in the international price levels, since the quantities exported also grew substantially.

According to data from CIARA – CEC, in 2021 currency settlement comfortably exceeded USD 32 billion, reaching its highest level in history. This way, a year-on-year growth of 62% can be seen compared to 2020, and 31% above the previous historical record of 2011.

How do we explain this result? Well, the international price boom has been important to reach this robust level of dollar entry into the country. However, the productive agricultural boost has also played a fundamental role in reaching the high levels of foreign trade seen last year.

With preliminary data for December, the year 2021 closes with a successful level of exports. The most exporting agricultural complexes (SB, Maize, Wheat, Barley, and Sunflower) once again exceeded the 100 Mil MT exported level. This point translates to an increase of 10.8% compared to the 90.6 Mil MT exported by these same complexes in 2020.

Within this group, the Maize Complex stands out with special dominance, which season after season has been increasing its planted area. With that said, in 2021 it exceeded 40 Mil MT shipped abroad, thus achieving its highest exported volume in history.

The SB Complex also showed sustained dynamics in its foreign trade, with increases of 16.2% in shipments of SB meal and 8.7% for SB oil. This way, these products totaled exports of 27.8 Mil MT and 5.8 Mil MT respectively last year.

As for the Wheat Complex, prices successfully offset a drop in the quantities exported. The exported tonnage of wheat products went from 11.6 to 10.7 Mil MT, falling 7.4%, yet the improvement in prices means that this complex closed 2021 with exports exceeding USD 3 billion, more than 15% above exports of 2020.

The Barley Complex, for its part, grew more than 7% in its exports, exceeding 3 Mil MT in 2021. Feed barley was the main product exported by the complex, with 1.5 Mil MT shipped. Brewing barley and malt complete the agro-export complex, with 0.9 and 0.6 Mil MT, respectively.

Lastly, the Sunflower Complex completes the total and its exports are estimated at around 2 Mil MT for last year. Foreign trade in sunflower was divided around 10% for seed, 50% for pellets, and the remaining 40% for oil.

In summary, to the “external” element of bullish international prices, we add the “internal” effect of increased quantities, explained by the long-term performance of the agroindustrial sector. Encouraging this trend growth in investment, production, and marketing of primary products and manufactures of agricultural origin will make it possible in the future to cushion the fluctuations in the international price of the products that Argentina exports more and better.

Source: https://bcr.com.ar/

Photo: REUTERS/Stringer

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