Argentina reduces grain export duties until end of June

In Argentina, Infobae reported that Argentine Economy Minister Luis Caputo announced that the government will lower the taxes on the main agricultural exports until June.

The government confirmed that export duties on soybean exports will be temporarily lowered from next January 27 until the end of June, from 33% to 26%

Export duties for soybean derivatives will go down from 31% to 24.5%. Export duties will also be reduced for wheat (12% to 9.5%), barley (12% to 9.5%), corn (12% to 9.5%), sunflower (7% to 5.5%) and sorghum (12% to 9.5%).

Sources from the Ministry of Economy estimated that the fiscal cost of the measure will be close to $800 million.

Rural entities have been urging the government to reduce grain export duties given the drop in international prices and the ongoing drought affecting the country’s main productive regions.

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