Related Story

    Argentina Cuts Soy Export Tax from 33% to 26%, Eliminates Retentions, Fulfilling Milei's Promise

    Argentina Cuts Soy Export Tax from 33% to 26%, Eliminates Retentions, Fulfilling Milei's Promise

    21 postsArgentinaEconomicsWorldBusiness

    Argentina's government, led by President Javier Milei, announced a reduction in export taxes on agricultural products, fulfilling a key campaign promise to support the farming sector. Economy Minister Luis Caputo and presidential spokesperson Manuel Adorni stated that, due to a fiscal surplus, export duties on major crops will be lowered temporarily from next Monday until June 30. The export tax on soybeans will decrease from 33% to 26%, and on soybean derivatives from 31% to 24.5%. Wheat, barley, maize, and sorghum will see export taxes reduced from 12% to 9.5%, while sunflower's tax will drop from 7% to 5.5%. Additionally, export duties for regional economies will be permanently eliminated. The government aims to eventually remove export taxes entirely and attributed the ability to implement these reductions to achieving a fiscal surplus. The measure comes as the agricultural sector faces challenges such as exchange rate delays, low international prices, and drought conditions.

    Related Polymarket Markets

    No similar markets found

    This could indicate a unique market opportunity that hasn't been explored yet.