Argentina Restores Grain and Meat Export Taxes as Sales Surge

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Argentina has reinstated export taxes on grains, by-products, beef, and poultry after hitting a USD 7 billion sales cap just two days into a temporary suspension, fiscal agency ARCA said Wednesday. Earlier this week, the government issued a decree suspending taxes on soy, corn, wheat, biodiesel, and other products through the end of October to accelerate exports and bring in urgently needed dollars to stabilize the peso. As one of the world’s top grain suppliers, Argentina relies heavily on its farm sector to generate foreign currency. The suspension was intended to last until the end of October or until exports reached USD 7 billion, a threshold that was reached far earlier than expected.

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