Argentina suspends grain export tax until October 31

The Argentine government announced on Monday (22) that it has eliminated export taxes (retenciones) on grains and their derivatives until October 31. The measure, communicated by presidential spokesperson Manuel Adorni, aims to “generate a greater supply of dollars during this period.”

The decision affects trade in soybeans, corn, wheat, and sunflowers.

“The old policy seeks to create uncertainty to sabotage the government’s program. In doing so, it punishes the Argentine people: we will not allow this,” Adorni wrote on social media platform X.

The official expectation is that the agricultural sector will accelerate exports, resulting in a larger inflow of dollars to the Central Bank, which has been under pressure for weeks due to a lack of reserves.

In July, President Javier Milei had already reduced export taxes on beef and chicken from 6.75% to 5%. For corn and sorghum, the rate fell from 12% to 9.3%. In the case of sunflower, retentions dropped from 7.5% and 5% to 5.5% and 4%, respectively. For soybeans, Argentina’s main export product, the tax rate was cut from 33% to 26%, and for its byproducts, from 31% to 24.5%.

Source: Globo Rural

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