Financing grew by 59% in 2020, but the rate increased

Access to finance was critical for all businesses throughout 2020 because of the pandemic's impact on economic activity. Although the national government provided subsidized credit lines, the market covered a good part of the companies' financial needs, providing 168.25 billion pesos ($1.98 bn) during the year, 59% more than the volume negotiated in 2019. The data also revealed that financing in dollars increased 8% year-on-year with $2.38 billion.

Soybeans above $500 triggered producer sales

While the local harvest has risen to $21 billion with the international price at $502.7, so has the availability of merchandise, which is why during the last week of 2020, strongly reactivated sales by producers, and could generate a more significant income of foreign currency during the first part of this year. The domestic market pays over $340 for available grain, and in terms of anticipated sales of 2021 harvest soybeans, 12% has been sold to date, equivalent to 5.5 million tons.

In 2020, the tax burden reached almost 25%, the highest level in four years

In 2020, the tax burden reached 24.7%, the highest level in the last four years. With the incorporation of more taxes, the weight on GDP grew by 1.3 percentage points from one year to the next. The tax pressure increased due to a low GDP growth affected by the fall of activity and a lower nominal value and the creation of new taxes such as the Country Tax or the increase of rates, in the case of Personal Assets.