LatinNews Daily - 02 June 2021

In brief: Agriculture drives up Argentina’s foreign currency reserves

* The monthly influx of foreign currency to Argentina from the export of grains and derivatives has reached its highest level in 18 months, according to the Cámara de la Industria Aceitera de la República Argentina (Ciara) and Centro de Exportadores de Cereales (CEC), chambers representing oilseed producers and cereal exporters. In a joint press release, Ciara and the CEC announced that in May, companies from this sector received US$3.545bn from their exports, bringing the total of foreign currency that they have earned in 2021 to US$13.301bn. The amount of foreign currency earned in May was 16.9% greater than the April total, and represented an 82.2% year-on-year increase. Ciara and the CEC attributed the increase to rising commodity prices, and said that it was achieved in spite of difficulties posed by strikes in the shipping industry and the persistent low levels of the Paraná river in Santa Fe province.

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