Argentina sees lower revenues from grain exports in H1

Argentina saw lower revenues from its grain exports in the first half of 2009, thanks to lower international prices and a drought that devastated crop fields in the country.

Cereal export revenues declined 43.4 percent in the first half of 2009 to US$2.43 billion.

Wheat and corn exports fell 50.1 percent and 44.1 percent year-on-year, respectively.

Soy exports generated US$7.84 billion during the period, down 4.6 percent on-year, according to figures by the government's statistics body INDEC.

China accounted for 81.6 percent of Argentina's soy export revenues, while the EU took 48 percent of the country's soy flour and soy pellet exports.

Despite the fall in revenues, the funds accounted for 26.6 percent of all export revenues by Argentina in the first half of 2009, up from 22.7 percent in the same period last year.