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331540

Argentina exported $3.2 bln in farm products in July -export chamber

BUENOS AIRES, Aug 1 (Reuters) - Argentine exports of grain, oilseeds, and their derivatives hit $3.16 billion in July, the South American country's CIARA-CEC chamber of oilseed crushers and export companies said on Monday.

This was down 17% from the previous month and 10% lower than in July 2021, as a result of weather conditions and roadblocks by truckers, it added.

The chamber said these factors "deepened the idle capacity of the soybean crushing industry, which continues working at negative margins even in the middle of the peak season."

"At the same time, delays in the recovery of export (value-added taxes) are reducing the payment capacity of the exporting sector," the chamber said in a report.

Total exports year-to-date have reached $22.31 billion, a 10% rise from the previous year and the highest on record.

The chamber added that statistical comparisons between different periods are generally imprecise as the foreign exchange income gained from exports is heavily influenced by the commercial grains cycle, which depends on many factors.

"Most of the foreign exchange income in this sector occurs well in advance of export, around 30 days in advance in the case of grain exports and up to 90 days in advance in the case of oil and protein meal exports," it said in a statement.

(Reporting by Walter Bianchi; Writing by Kylie Madry; Editing by Alexander Smith)

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