Argentina: Reintroduction of Export Duties After Reaching Sales Limit

The Argentine state has recently reinstated its previously temporarily suspended export duties on grain and its by-products, as well as beef and poultry. This decision comes after reaching the stipulated sales cap of 7 billion US dollars, as announced by the national tax authority ARCA on its social media. At the beginning of the week, the government issued a decree that suspended the export duties for soybeans, corn, wheat, and their derivatives, including biodiesel. The aim of this measure was to accelerate foreign sales and procure urgently needed foreign exchange to stabilize the weak peso. As one of the world's leading grain suppliers, Argentina heavily relies on the agricultural sector to generate foreign currency. The suspension of duties was originally intended to continue until the end of October or as soon as export revenues reached 7 billion US dollars. However, this limit was exceeded within just two days.