September 10, 2008

Argentina Jan-Aug grain exports value up 40 percent on-year

Argentina's grain exports during the first eight months of the year rose 40 percent in dollar values, the agricultural trade office, or ONCCA, said Monday (September 8).

Total agricultural exports during the period climbed 53 percent to US$18.6 billion, ONCCA said.

The figures "show that even during the conflict between the government and the farm sector, the volume of grain and derivative products exported was high," ONCCA said.

Farmers launched a series of strikes from March to June to protest higher grain export taxes, eventually forcing the government to backtrack on the taxes after the Senate voted them down in June.

However, the higher export values are likely distorted by rising international commodity values and a shortened period allowed for shipments after a company declares an export sale, which sped up exports.

For the 2007-08 crops, the government shortened the period allowed to actually ship goods after registering a sale to 45 days, forcing exporters to concentrate shipping earlier in the year. Previously, a year had been allowed.

In August the government lengthened the period again.