Industry plummeted almost 31% year-on-year in April. The first four months of 2020 saw a drop of 11.5% compared to the same period in 2019. Industrial activity recorded a 30.6% year-on-year drop in April, the lowest level of production since February 2003.
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.
The 2019-2020 soybean harvest is complete. It reached a total production of 49.6 million tons, with yields of 29.4 quintals per hectare, and planting of 16.8 million hectares. The corn harvest reached 70.7% of the planted area, which means a crop of 4.3 million hectares and the total harvest estimate of 50 million tons is maintained. The wheat planting of the 2020/2021 agricultural campaign already reached 58.1% of the area, amid a dry climate in the northern and western sectors of the farming region, the planting projection is located at 6.7 million hectares, maintaining its annual growth of 1.5%.
Red meat consumption remains at 53 kilos per inhabitant, although poultry and pork purchases are also at record levels. The poultry slaughter grew by 6% in the first quarter of 2020, and poultry production by 7.5%, while exports of the sector increased by 9% and also noted a 5% increase in domestic consumption of chickens, with a historical maximum of 50 kilos per capita annually.
In Buenos Aires, a series of benefits will begin to be applied to promote the arrival of ships and cruises. Among these benefits are progressive discounts that could reach up to 50% of the general rate for the use of the port, which will also be retroactive to January 1, 2020.
Argentina’s National Electricity Regulatory Entity (Enre) has authorised the 123 MW phase of the Los Teros wind power project to supply electricity to the Wholesale Electricity Market (MEM). The Renewable Energy Act adopted in 2015 sets the goal of increasing the share of renewables to 16% by 2021, 18% by 2023 and 20% by 2025.
Argentina is jockeying to get more of its malt barley into Chinese beer, now that Asia’s mega-economy is locked in a trade fight with its top barley supplier Australia. Argentina is expected to export 120,000 tonnes of barley to China this year and for the next season, if the Chinese maintain import taxes on Australian barley, it could double to 240,000 tonnes, maybe more if barley farms in France and Canada have bad crop weather, said industry sources.
The construction and commissioning of renewable energy projects in Argentina are expected to get delayed on the back of the coronavirus crisis and tightening of the economy during the last two years. The reason behind the delay in the commencement of construction projects was due to the tightening of the economy which had restricted project awardees of the RenovAr auction program to access low-cost financing.
Argentina is planning to resume commercial flights as soon as mid-August as infection rates drop in some major cities around the world, according to a person with direct knowledge of the matter. Some European countries are considered among destinations for the first flights because key cities have eased their lockdowns with the number of reported cases dropping.
Dealers estimate that the market will exceed 30,000 units in June, a sharp rise from May. The lack of supply of 0 km due to import barriers is a concern.