Day: June 26, 2020

$1.5 bn separates Fintech and Gramercy from an agreement with Argentina

The claim of the members of the Creditors Committee is today at 53% of VPN against 52% offered by the country; it is between $1 billion and $1.5 billion. Fintech, Gramercy and Greylock are approaching a deal with Argentina. They adhere to two clauses that in the eyes of the government may be negotiable: the mandatory redemption and the application of an extra 2% interest if Argentina falls into default again during the entire life of the bonds issued in this restructuring.

May’s trade surplus was $1.89 bn

The trade balance marked a positive $1.89 billion in May, although trade flows fell 23% year-on-year in May, reaching only $8.25 billion. Exports of agricultural manufactures showed falls of 5.5% while industrial productions plummeted 52.7% and Fuels fell 40% year-on-year. Increased demand for farm products from China reduced the sharp drop in exports. On the imports side, there were drops in all items for the seventh consecutive month: Passenger vehicles -76% year-on-year, Fuels and lubricants -59%, Parts and accessories for capital goods -49%, Capital goods -31%, Intermediate goods -16% and Consumer goods -8%.

Drug sales grew 65% in the first quarter

Drug sales during the first quarter of 2020 grew by 65% compared to the same period last year. The turnover of the pharmaceutical industry reached 70.63 billion pesos ($1bn). Medicines of national origin concentrated 71% of sales, the remaining 29% corresponded to the sale of imported products. 88% of the sales of national production were destined to the domestic market, leaving 12% for export.

In Q1, meat exports increased by 14.5% and fresh fruit by 17%

Meat exports grew 14.5%, and fresh fruit 17% in the first quarter of the year, according to data provided by the National Service for Agrifood Health and Quality (SENASA). Foreign sales of beef, poultry and pork products and by-products, they reached 334,964 tons, and the main destinations of the meat were: China, Chile, Israel and Germany. Exports of fresh fruit reached 415,715 tonnes, and the main markets were: Russia, Brazil, the United States, Italy and Paraguay.

Argentine shares on Wall Street rebound up to 12%

Argentine shares on Wall Street rebounded by as much as 12%. Those that rose the most were those of Supervielle 11.9% and Transportadora de Gas del Sur 8.2%. In the local market, Merval was up 3.9%. The ones that gained the most were Supervielle 9.6% and Edenor 6.4%. The country risk rose slightly by 0.2% to 2,517 basis points.