The Rosario Stock Exchange estimates that agribusiness will bring in around $35.9 billion in foreign currency in 2021 and some $8.5 billion in withholding taxes. The optimism in the projections is due to the increase in the international price of agricultural commodities.
Argentine wheat exports during December 2020 dropped 52% compared to the same month of 2019, the lowest level in the last five years. The cereal revenue was also the lowest in five years, according to information from the local portal Agrofy.
The International Monetary Fund (IMF) lowered Argentina's growth estimate for this year to 4,5% from its previous 4.9% forecast, according to the World Economic Outlook, WEO. IMF also estimated that the country's GDP in 2020 contracted 10,4%, while anticipating that in 2022 growth could reach 2.7%.
Exporters left some $4.5 billion pending settlement in 2020, according to a comparison of data from the Central Bank's exchange balance for December and data from INDEC's Argentine Trade Exchange (ICA). These are operations that were declared and completed, but whose foreign exchange proceeds have not yet been settled in the Single Free Foreign Exchange Market (MULC).
Consumers in Argentina expect prices to rise by a whopping 45 percent this year, with many anticipating a surge in inflation over the next 12 months, according to the Inflation Expectations Survey, prepared by the Centre for Finance Research at the Torcuato Di Tella University.