BUENOS AIRES, Aug 1 (Reuters) – Argentine exports of grain, oilseeds and their derivatives hit $3.16 billion in July, the South American nation’s CIARA-CEC chamber of oilseed crushers and export firms mentioned on Monday.
This was down 17% from the earlier month and 10% decrease than in July 2021, on account of climate circumstances and roadblocks by truckers, it added.
The chamber mentioned these components “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 mentioned in a report.
Total exports year-to-date have reached $22.31 billion, a ten% rise from the earlier yr and the very best on report.
The chamber added that statistical comparisons between completely different intervals are usually imprecise because the international trade revenue gained from exports is closely influenced by the industrial grains cycle, which is dependent upon many components.
“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 mentioned in a press release.
(Reporting by Walter Bianchi; Writing by Kylie Madry; Editing by Alexander Smith)
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