Argentina farm exports soar in first quarterStaff writer ▼ | May 6, 2016
Argentine farm exports rocketed 68% higher in the first quarter compared to the same 2015 period.
Farming in LatAm After elimination of taxes and controls
The surge in shipments from the grains powerhouse will likely weigh on global food prices, which are near a seven-year low and expected to fall farther due to global slowing growth.
In the first three months of the year, Argentina exported 19.97 million tons of farm products versus 11.91 million in the first quarter of 2015, the government said in a statement.
Free-markets proponent Mauricio Macri took office as president in December, promptly ditching the trade and currency controls applied by his predecessor Cristina Fernández. His policies have been embraced by the markets and prompted a congratulatory visit from US President Barack Obama.
Leading the first-quarter export surge were wheat and corn, which growers piled up on their farms during CFK’s rule. She limited export of both crops and taxed the international shipments that were allowed to go through.
Macri scrapped those policies. Wheat exports shot 105% higher while corn rose 84%. ■