Argentine exports: second monthly decline, with prices remaining among the historical highs

In November, Argentine beef exports totaled 76 thousand carcass equivalent tons (tec), slightly less than the 82 thousand in October and the 81 thousand in November of the previous year. After a mediocre start to the year, averaging 57 thousand tec, caused by the lack of competitiveness of a costly steer in dollars, from April there was a development from 63 thousand tec to 87 thousand in August and September. The improvement in international prices, the movement of the exchange rate, and the partial reduction of export taxes (for cows, in total) resulted in a more competitive value for the steer in the international arena. In recent months, these movements were halted, and the appreciation of livestock in pesos was also reflected in their value in dollars, which cut the upward momentum of foreign sales, as seen in the graph, reflected in the orange bars. The sharp drop in shipments to China in November was only partially offset by increased sales to Israel and the U.S. In these ...