Oil exports grew 33% in the first half of 2020, pushed by the unconventional resource of Vaca Muerta. More shale oil production registered from Vaca Muerta, but with fewer wells drilled. There was also a drop in gas production, a rise in gas imports and a sharp collapse in gasoline and diesel sales.
In addition to the health crisis, there is now a delicate environmental situation. Nine provinces already register forest fires and fear that the outbreaks will multiply in other parts of Argentina. Among the causes that prevent the control of the flames are the intense drought resulting from the lack of rain, the high temperatures for the time of year, the wind and human action.
Argentina's trade balance returned to a favourable balance of $1.47 billion in July, although with a sharp drop in exports and especially in imports, according to the National Institute of Statistics and Censuses (INDEC) on Tuesday. In the seventh month of the year, exports totalled $4.9 billion, which represented an interannual decrease of 16.3%, while imports totalled $3.43 billion, 30.1% less than the same month last year.
E-money usage grew 6.4% per month in July and set a new record with 570 million transactions. These are transactions made both through cell phones, computers or other electronic devices, as well as ATMs. Debit increased by 81% year-on-year. The survey conducted by Red Link, based on 37 million users, showed growth in almost all areas. The previous records for transactions related to the payment of taxes and services by electronic means were also surpassed.
Both the agro-export companies and representatives of the agricultural producers presented concrete proposals to the government to accelerate the sales of soy and corn that are still in the silos and valued at $12.2 billion and the liquidation of foreign currency. The government continues to be inflexible with its guidelines, and for the time being, is not willing to give in, there would be no new developments in tax and fiscal matters for the sector.
Due to the lack of rain, 500 thousand hectares less of the cereal sown. It means lower production of the grain as a consequence of the drop in yields that could reach 15%. It now estimates that wheat production will be 18.2 million tons and the exportable balance will be 10.2 million tons. The export would generate income for $688 million less.
Beef exports to the United States grew 2.325% year-on-year between January and July, reaching 13.59 million tons and a total value of $66 million. Foreign currency income increased by 1,957%.