Argentina's Minister of Economy, Luis Caputo, announced on Tuesday a reduction in export duties for the agricultural sector by 1 to 2 percentage points for soybeans, corn, wheat, sunflower, and other crops and their derivatives. The measure was communicated by the Minister of Economy via his X account, emphasizing that 'today we take a new step on the path of fiscal relief for the agricultural sector, advancing in the permanent reduction of export duties for grain chains and by-products.' In line with this, he stressed that 'eliminating duties has always been a priority for President Javier Milei,' assuring that 'we will do everything possible to achieve this goal as soon as possible.' To reinforce this intention, Caputo highlighted that 'we have already made many concrete advances in this direction and will continue to do so, to the extent that macroeconomic conditions permit.' As a result of this decision, the rates will be reduced as follows: Soybeans: from 26% to 24%, Soybean by-products: from 24.5% to 22.5%, Wheat and barley: from 9.5% to 7.5%, Corn and sorghum: from 9.5% to 8.5%, Sunflower: from 5.5% to 4.5%. The head of the economic portfolio expressed that 'this reduction in duties seeks to improve the competitiveness of the agro-industry, one of the most powerful engines of the Argentine economy and responsible for nearly 60% of our exports.' Likewise, he valued that with this decision 'we reaffirm our conviction that the Argentine field will continue to grow, generating employment, promoting development in each region of the country and strengthening Argentina's presence in world markets.' In this sense, he stated that 'the path is clear: fewer taxes, more production, more opportunities and work for all Argentines.'
