Lucas Santa Cruz has been a partner in a metals SME for over a decade. Since it is a family business, he has actually worked there since his youth. Remember every crisis as a traumatic event. The one from 2001; The end of Christina Kirchner and the depreciation of the currency in 2018. Over the past year, as head of the company, things have been going poorly as well.
He saw how some of his major clients – most of them related to the construction sector – were falling by the wayside. Some ceramic factories left him unpaid checks.
2025 looked bad. but, In recent weeks, I have noticed an increase in activity. More orders have arrived. It is also true that he adapted his work to a more basic production, more closely related to blacksmithing in general.
“But there is more work” He says.
As with Lucas, there are more cases of companies certifying again after the October 26 election.
Improving consumption?: The impact of the dollar and lower interest rates
A stable dollar and lower interest rates were the main factors driving the improvement.
“The banks didn’t give us any answers, we were drowning.” L says iProfessional Javier M., partner in a small and medium sized toy manufacturing company. Javier prefers to remain anonymous, but says that in the middle of the year he was unable to obtain financing for part of the production that will be sold for Christmas and Epiphany.
He agrees with his fellow mineralogist: “Things are better. Nothing is too illusionary, but at least now you can work and project.”. It indicates a reduction in interest rates.
Santa Cruz, the SME mining company, adds that the banks it works with daily have already offered it credit for working capital.
On the other hand, the playmaker changes his mood when he talks about the future. He added: “If the government continues to open imports, it will be very complicated. “It should give us time to adapt to the new reality.” Claims.
Food Sales: Those That Do and Those That Don’t
Unlike what happened in previous crises, where mass consumption companies appeared first, then other sectors, the situation is now the opposite.
At least for now.
Two leading food companies admitted when asked about this iProfessionalwhich November ended with very successful sales.
It also happens with drinks. One brewery that rules the market, which was already concentrated, admitted that November closed with lower sales than November of last year, which itself was “very weak”.
The companies rule out that the issue is a matter of prices. “There are no major movements in stored foods. There have been increases in meat and seasonal products, but nothing unusual in products such as pasta, sugar, rice or flour. It is true that something has been modified in the oils, but nothing more than that.” The source said iProfessional.
Proving the difficulty of the scenario in general, the manager of another food company mentioned that sales have declined in the last two months in supermarket chains, as well as in self-service stores and wholesalers.
Expectations: the dollar and something else
From the food giant he consulted iProfessional They were categorical: Recovery in 2026 ‘will be very slow’ Because no one realizes that the family income is showing sudden improvement.
Some of this has become clear, as the official records themselves acknowledge.
The latest data from the EMAE, without going any further, showed a heterogeneous dynamic. So much so that if the financial sector had been excluded, September activity would have shown a decline in activity (rather than an improvement).
“When assessing the behavior of European financial markets outside the financial sector, and according to our estimates, “Activity would have fallen by 0.2% m/m (without seasonality) in September.”said economist Ricardo Delgado, president of consulting firm Analytica.
“The financial intermediation sector is one of the fastest growing sectors, however “Their demand for labor is low.” Delgado is complete.
Once again, the key for the coming weeks will be the dollar at the center of the scene.
City leaders continue to demand that the government buy reserves for the central bank and remove any doubts about debt repayment in dollars.
As the weeks pass and this variable becomes unclear, it is possible that ghosts will return to the market. This is also understandable in large companies.
The path to recovery still does not seem clear, despite the good winds that have blown over the past four weeks.