Flour exports, the main export product of the soybean complex, plummeted by 10% and shipments of raw soybeans increased by 50%. The elimination of the tariff differential ended up affecting the milling margin, and as a consequence, Argentina started exporting more beans than usual. At this moment, the use of the installed capacity of the agricultural industry is below 60%.
Gross domestic investment fell 10.5% in June in the year-on-year comparison and stood at 19.7% of gross domestic product. June investment was of $5.35 billion and accumulated in the first semester, a drop of 16.5% concerning the period of 2019.
The meat processing industry estimated that this production could grow by one million tons by 2030, supported by increasing domestic consumption for a simple matter of population increase and exports. This estimate seems reasonable, and if we subtract the 200,000 tons that would be absorbed by the domestic market, there will be 800,000 tons left with bone, which would represent a doubling of exports in the record year 2019.
Argentina experienced an extraordinary jump in the volumes produced by cereals and oilseeds. The higher production was due, in part, to a growth in the area, but a greater extent to leaps in productivity. Within this framework, and to improve the replacement of nutrients and take care of a strategic resource such as the soil, promoting the use of fertilizers in the areas of cultivation in Argentina would bring significant benefits, both in volume and in economic terms. It would make it possible to obtain profits for the agro-industrial chain of more than 2.8 billion dollars, a figure that would allow the government to generate a contribution of almost $660 million per year.
Vista, a company, created less than four years ago, has all its operations in Vaca Muerta. The collapse of oil consumption and the collapse of international prices doubly affected Vista, which reported losses of nearly $40 million in the second quarter of the year. Vista refinanced $75 million of upcoming maturities in 2020 and 2021. $45 million was extended for 18 months and corresponded to the syndicated loan with a consortium of banks, and $30 million represents to short-term bank debt that extended from 12 to 18 months.