This week, National Bureau of Census and Statistics (INDEC) released its report on foreign trade commerce. In the first quarter, exports totalize U$S14,397 million while imports amount US$16,892 million, raising the trade deficit to $2,494 million.

The Primary Products  (mainly grains) represents 25% of the total exports, while Ag Manufactures (MOA’s as his acronym in Spanish) represent other 36 percent. At the top of the rank of the PP are the cereals, with export surpassing $2,400 million, raising 33% respect 2017. But the main interannual gaining is due to corn, that passes from 502 to 1,010 million dollar during the first quarter. Wheat exports added $1,048 million, but with a marginal increase respect of 2017 ($984 million).

Extract of the INDEC’s report

On the other hand, products of the soybean complex, that is to say, the beans, the oil and the meal are leading the bottom of the table. Exports of this three products down from 3,235 million dollars in 2017 to 2,844 million during 2018, resigning 391 million.

According to the Ministry of AgIndustry, the corn output during 2016/17 season (that extend until March 2018) rounded 49.5 million metric tons, with a carryover to 2017/18 season of 8 million metric tons.

This year, corn harvest was reduced to 42 MMT, but exports remain the same, i.e., 25 million metric tons.