Argentina is unlikely to remove export duty on agricultural products in the near future

03-Aug-2024 04:17 PM

Buenos Aires. The President of the Latin American country Argentina, after visiting the biggest agricultural fair recently, reiterated his resolve to reduce or remove the export duty on agricultural products but did not set any time limit for it.

He said that a decision can be taken about it when the country's economy strengthens. Agricultural economists say that some decision can be taken about this in the last months of the year 2025, but that too is uncertain.

At present, Argentina has an export duty of 33 percent on soybean, 31-31 percent on soy oil and soymeal, 12-12 percent on maize and wheat and 7 percent on sunflower and its products.

Argentine millers get the benefit of a difference of 2 percentage points between the export duty imposed on soybean and its products.

It is noteworthy that after his election, the President had promised to reduce or abolish the export duty on the above agricultural products, but later he sent a bill (law) to the Parliament in which instead of reducing the export duty on these products,

it was proposed to temporarily increase it. Actually, Argentina's financial condition remains very weak and the government is in dire need of increasing the revenue from export tax.

Although the export duty on dairy products has been reduced, it does not seem possible to reduce or remove it on agricultural products right now.

Argentina is among the leading exporters of soybean, soy oil, soy meal, corn and wheat and sunflower oil. India imports huge amounts of soybean and sunflower oil from there.