Argentine Crop Exports Soar $2 Billion in Three Weeks
By: Pablo Rosendo Gonzalez
Argentina’s crop exports surged $2 billion in the last three weeks of the year after restrictions were scrapped by the new president, according to exporter group Ciara-Cec.
Farmers sold $752 million worth of grains and oil-seeds in the last three days of 2015 for an annual total of $20 billion, down 17 percent from a year earlier. Sales in the last few days of the year were almost double the amount of grains and oilseed shipped abroad in the entire month of November.
The export of grains has become more profitable for farmers after newly elected President Mauricio Macri eliminated most crop taxes and lifted four years of currency controls, leading to the biggest one-day devaluation in the last 14 years on Dec. 17. Export restrictions were implemented in the past decade under former president Nestor Kirchner and his wife Cristina Fernandez de Kirchner in a bid to boost government revenue and ensure domestic supplies.
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