Category: Industry

Information about Argentina’s economic sectors

Bank profits fell by 46% in the first quarter of 2020

The banking sector accumulated a 46% lower gain in the first four months of 2020 than in the same period of 2019. In financial intermediation, the banks lost, and this year they are failing again. The credit part is dead, and the liability rates have the floor, so the margin is not right. The gain comes from trading and the difference in the exchange rate.

Construction: only 45% of the works are active

Businesses in the construction sector are among those most affected by the paralysis imposed by the pandemic. So far this month, only 45% of works, both public and private, have been maintained in regular activity, and in June more than 80% of construction companies received no building contracts.

Savings of $65.7 million for biosimilar drugs

The local production of biosimilar drugs has a very high strategic value for Argentina, which is a pioneer in Latin America. Since the introduction of the first biosimilar in Argentina in 2014, the national health system has had a cumulative direct saving of $65.7 million in treatment costs. Through the substitution of high-cost biological drugs for products of equal quality, with prices between 15% and 25% lower, they allow more patients access to therapies for chronic diseases, such as cancer or autoimmune diseases. More than 35,000 patients have received such treatments, and the number is growing.

Despite the drop in consumption, green power generation increased by 51.1% year-on-year in April

The global economic crisis and the pandemic affected the energy demand, however, generation increased by 51.1% year-on-year in April, while in the last 12 months it has accumulated growth of 105.8%. The increases by sector show the following numbers: Biogas 51.8%, biomass 14.7%, wind 172.1%, and solar 241.9%. Due to the historical descent of the Paraná and other rivers, hydraulic generation fell 5.3%.

Agribusinesses present plan to export $100 billion

Argentina’s agro-export chain has created a coalition that will promote a plan called “Strategy for an Inclusive, Sustainable and Federal Agro-Industrial Export Reactivation”; to increase exports from $65 to $100 billion between 2020-2030. It will generate more than 210,000 new jobs. The plan has the support of more than 40 entities, among which are Ciara-Cec, the milling industry, poultry producers and exporters, feedlots, wet milling of corn, peanuts, biofuels and the Buenos Aires Grain Exchange.

The industry worked in May at 46.4% of its capacity

According to the report “Utilization of the installed capacity” disseminated by the INDEC, the industry worked at 46.4% in May. The data shows a slight increase concerning the historical floor registered in April, of 42%; but it also records a sharp contraction compared to the same month last year of 62%.