Record-Breaking Soy Exports Surge in Argentina Following Tax Suspension

Argentina's soy exports have surged to their highest levels in at least seven years, reaching 10.5 million metric tons for the 2024/25 season. The impressive figures follow a temporary three-day suspension of export taxes by the government, aimed at boosting the domestic supply of foreign currency.

Data from the Argentine agriculture secretariat reveal that these foreign sale declarations, referred to as DJVE, exceeded the previously notable 10.1 million tons declared in the 2018/19 cycle. These records, accessible from the 2017/18 season, highlight a significant achievement for Argentina's agriculture sector.

The government's decision to suspend export taxes—ordinarily set at 26% for soybeans—was motivated by the need to reinforce the Argentine peso. This strategic move successfully galvanized business, marking a notable moment for the South American nation's economy.