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ECONOMY | 02-06-2022 17:24

Argentina expects record US$90 billion exports on commodities boom

Government expects record export levels this year as the country benefits from rising commodity prices.

Argentina's government expects record export levels this year as the country benefits from rising commodity prices.

The country’s economy is expected to export US$90 billion in goods this year, according to a senior government official who asked not to be identified because these are unpublished projections. That would represent at least a 15-percent jump from last year and 38 percent more than 2019 levels.

Services exports are expected to reach about US$12 billion this year, according to the official.

Argentine exporters are having a bumper year as prices for the country's main crops – such as soybeans, wheat and maize – have risen. 

The government is also making an effort to boost exports in its energy and technology sectors, providing more access to dollars for companies exporting in those industries.

Argentina needs more export dollars to meet its US$44.5-billion agreement with the International Monetary Fund. 

Beyond the direct economic boost, exports also shore up the Central Bank's net cash reserves, a key barometer of the programme that many analysts already see as challenging.

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by Patrick Gillespie, Bloomberg

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