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MSCI decided to keep Argentina in the emerging market category

After the close of the markets, where Argentine ADRs bounced up to 5.2%, the leading index provider MSCI decided to keep Argentina in the emerging market category, although it warned that it could remove that status if controls are tightened, and market accessibility deteriorates. Currently, only three shares of Argentine firms are part of the MSCI index: Telecom Argentina, YPF and Globant, with the participation of 0.12%.

Dairy consumption grew to almost 57 litres of milk between January and April

According to data provided by the Argentine Dairy Chain Observatory (OCLA), in the first four months of the year, per capita consumption of dairy products reached 56.9 litres/inhabitant of milk, increasing to 2,582 million litres of milk, 1.8% more than the previous year. In the case of production, the result was almost 3,223 million litres of milk in the January-April period, an interannual increase of 8.5%. Exports there reached 777 million litres, with a rise of 22.7% as compared with the period January-April 2019.

Agro-industrial exports represent 70% of total exports

Agribusiness was a pole of the generation of dollars in the country during the first four months, monopolizing almost 70% of the total income in terms of foreign exchange, exceeding 12 billion dollars. Total agro-industrial exports rose by 1.5%, with a surplus of $104 million with record shipments of corn and wheat.

Fiscal deficit reached more than 10% of GDP

Last month’s net result was one of the worst, probably more harmful than the one recorded during the hyperinflation of mid-1989. The deficit reached an equivalent of $3.6 billion at the primary level, and $4.4 billion was the deficit at the financial level. It is a rate of more than 10% of GDP.

Remittances abroad drop 50%

Among Latin American countries, the historical average of remittances was $280 per month, and this figure maintained until 2019. With the pandemic crisis now the standard in the country is below $100 per month.

WTI oil up 9.6%

US oil climbed to $39.75 a barrel on positive signals regarding the recovery in demand and expectations for further production cuts. The Brent closed at $42.19.