Argentina strives to revive the agricultural industry
Innovation & Technology
Sustainability & Environmental Impact
Market & Price Trends
Published Nov 30, 2023
Argentina's economy heavily relies on agricultural exports, particularly corn and soybean meal. However, the country has been facing severe economic crises, including triple-digit inflation and increasing budget deficits. The newly elected President, Javier Milei, has promised to implement policies to support farmers and stimulate agricultural production, which is expected to revive Argentina's agricultural industry and improve trade with countries like Vietnam.
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Source: nhandan.vn The economy depends on agricultural exports At the beginning of the 20th century, Argentina was one of the richest countries in the world, expected to become a new power in South America. However, in recent years, the country has slipped as a result of severe economic crises. Although still considered the third largest economy in Latin America, Argentina is facing triple-digit inflation, forecast to reach 142.7% this year. Not only that, the budget deficit is increasing, currently forecast to reach 2.3% of gross domestic product (GDP). From the administration of President Nestor Kirchner (2003-2007) until now, agricultural exports have gradually become the main source of revenue for the Argentine government. That is why the agricultural sector plays a pivotal role in the economy of this South American country, especially in the context of rising inflation and the devaluing peso. As a top 3 exporter of corn, soybeans and finished products in the world, the above ...