Gustavo Idigoras
President of Edible Oil Chamber & Grain Trader Association
(CIARA-CEC)
Argentina’s agro-export sector has experienced remarkable growth in 2024, driven by strong performance in key products such as soybean meal, corn, and wheat. As the country looks toward the 2025 agricultural campaign, projections indicate further expansion in soybean production, while a decrease in corn acreage could pose challenges. With new government measures aimed at boosting exports, Argentina’s grain sector is poised for another year of growth, solidifying its position as a global agricultural powerhouse.
The increased production of the 2023/24 season in Argentina resulted in higher income from foreign sales. Consequently, 2024 recorded the second-highest export volume in the last 24 years, leading to the best trade surplus in the same period. The main agro-industrial products generating foreign currency were soybean meal, with an income of USD 10.55 billion, followed by corn grain with USD 7.12 billion, and soybean oil with USD 6.28 billion. Among the sectors, the products that increased their exports the most in tons during 2024 compared to the previous year were: soybean beans with a 147% increase, wheat grain with a 171% increase, and corn grain with a 46% increase.
The trade balance showed a surplus in every month of 2024, the highest in the last 24 years, reaching USD 18.9 billion, which is 373% higher than the previous year when the balance was negative at USD 6.925 billion. This result was due to a 19% increase in Argentine exports, reaching USD 79.72 billion for 2024, accompanied by a 17% drop in imports, totaling USD 60.82 billion.
On the import side, the distribution was as follows: intermediate goods (IG) accounted for 38%, parts and accessories for capital goods (P&A) for 22%, capital goods (CG) for 16%, consumer goods (CG) for 12%, fuels and basic lubricants (F&L) for 7%, and passenger motor vehicles for 5%. These shares are close to the 2023 values, except for the F&L category, which showed an increase of four percentage points.
In 2022, exports reached their highest value in recent years, totaling USD 88.445 billion, with a trade surplus of USD 6.923 billion, 170% below the current balance. This was due to the large volume of imports, which reached USD 81.52 billion during that period.
Argentine exports during 2024 reached a value of USD 79.72 billion, 19% above 2023. Breaking down exports by major categories, all categories increased their sales compared to the previous year. In terms of sales composition, agricultural manufactures (AM) ranked first with 37% participation, totaling USD 29.675 billion. In second place were industrial manufactures (IM), with 28% participation, generating USD 22 billion in revenue. They were followed by primary products (PP) with 23%, achieving sales of USD 18.3 billion. Lastly, fuels and energy (F&E) contributed 12%, amounting to USD 9.67 billion. Considering the combined participation of PP and AM, they represent 60% of total exports, positioning them as the country’s main sources of foreign currency.
EXPORTS OF THE SOYBEAN, WHEAT, AND CORN COMPLEXES
The soybean, wheat, and corn complexes together generated 36% of total revenue from Argentine exports, amounting to USD 28.88 billion for 2024.
Of the total exported during the period considered, 24% corresponded to the soybean complex with revenues of USD 19.19 billion, 9% to the corn complex with USD 7.16 billion, and 3% to the wheat complex with USD 2.53 billion.
The favorable weather conditions experienced during 2024 allowed for higher production, leading to increased revenues from foreign sales. The main agro-industrial products generating foreign currency were, first, soybean meal, the country’s top revenue generator, with USD 10.55 billion; second, corn grain with USD 7.12 billion; and third, soybean oil with USD 6.28 billion.
Table 1: Exports of the soybean, wheat, and corn complex in tons and millions of USD in 2024.
Within the soybean complex, all products experienced an increase in the volume traded and the value of exports. Soybean beans saw the greatest increase, with a 147% rise in tons compared to 2023, translating into revenue of USD 2 billion. Biodiesel exports increased by 120%, generating USD 353 million, followed by soybean oil and meal with increases of 76% and 68%, respectively.
In the corn complex, corn grain had the largest increase in export volume, reaching approximately 35 million tons, 46% above the previous year, contributing USD 7.13 billion. Corn oil increased by 22%, generating USD 30 million, while cornmeal sales dropped by 34%. Nevertheless, dollar revenues increased due to price improvements, totaling USD 2.6 million.
In the wheat complex, wheat grain held the largest share, generating USD 2.37 billion, and was the product with the highest export growth in 2024, with a 171% increase in tons and 126% in dollars compared to the previous period. Wheat flour, mostly destined for domestic consumption, recorded exports of USD 159 million, a 14% increase in sales compared to the previous period, although dollar revenues fell by 7%.
OTHER AGRO-INDUSTRIAL PRODUCTS
Looking at other agro-industrial products, sorghum was among those with the highest growth. In 2024, 1.8 million tons of the cereal were exported, 89% more than in 2023, resulting in revenues of USD 257 million (46% more than the previous period).
Secondly, chickpea sales grew by approximately 62%, totaling 78 thousand tons. Within the peanut complex, products showed a decline in exported volume and revenues compared to 2023, with roasted peanuts being the only product to generate a 9% increase in foreign currency. The other goods listed in Table 2—sunflower, sunflower oil, and sunflower pellets—experienced a decrease in foreign currency revenues for the country.
In the case of barley, similar to sunflower oil and pellets, the traded volume was higher; however, the price did not follow suit, showing a negative variation in national revenues.
Table 2: Exports of other agro-industrial products (first half of 2024 and 2023)
EXPORT DESTINATIONS
Regarding the destinations of Argentine products exported during the period considered:
Nearly all soybean beans were destined for China, accounting for approximately 85% of sales, followed by the United States with 3%, and Chile with 1%.
Most soybean oil sales were directed to India (47%), with China and Bangladesh each receiving 7%.
The main destinations for soybean meal were the European Union (with Poland, Italy, and Ireland being the primary countries) accounting for 18%, Vietnam with 15% of total sales, and Saudi Arabia with 6%.
More than half of the sales of both wheat grain and flour were destined for Brazil. In 2024, the neighboring country received 52% of Argentina’s wheat exports and 64% of its flour. The second destination for wheat grain was Indonesia with 20%, while wheat flour was primarily exported to Bolivia (25%) and Chile (9%).
Argentine corn is sold to multiple destinations, with Vietnam being the main buyer in 2024, accounting for 19% of total sales, followed by Peru with 12%, and Algeria with 8%.
For peanuts, most exports were directed to the European Union, particularly the Netherlands, which absorbed 34% of Argentine exports, followed by the United Kingdom with 9%, and Poland with 6%. Meanwhile, almost all sorghum sales were destined for China.
ARGENTINA’S 2025 GRAIN OUTLOOK
For the next soybean and corn agricultural campaign, which begins its harvest in May of this year, an expansion of the area planted in soybeans is expected from 17.3 million hectares to more than 18.5 million hectares, so the production and export of soybeans, meals and oil would grow in 2025. As for corn, a decrease in the planted area of approximately 10% is expected according to estimates by the country’s Grain Exchanges. In the case of wheat, an exportable supply of more than 12 million tons is expected for this campaign. Recently, the Argentine government published a 20% reduction in export duties for soybeans, wheat, corn, sunflower and by-products, which could accelerate the pace of sales for producers for export as well as increase the area planted with crops such as wheat and barley. The reduction of export taxes will expire on June 30 of this year.