BUENOS AIRES: Argentine farm exports rose to $1.52 billion in February, a 64% jump from the same month last year, oilseed industry and grains export chamber CIARA-CEC said on Friday.

The surge in sales, also up 22% versus the previous month, comes as President Javier Milei devalued the peso currency by more than 50% after taking office in December, in a boost to agricultural shipments. Grain exports are key for Argentina as they bring in foreign currency as it battles an economic crisis, with depleted central bank reserves and annual inflation topping 250%.

Argentina is one of the world’s top exporters of processed soy, the No.3 for corn and a major supplier of wheat. Soybean meal is the country’s main export product, with a 14.2% share of total shipments, but the local industry has an elevated idle capacity close to 50%, according to CIARA-CEC.