Record Soy Exports Surge Amid Temporary Tax Break in Argentina
Argentina's soy exports for the 2024/25 season have reached a seven-year high of 10.5 million metric tons after a temporary suspension of grain export taxes. The temporary tax break was aimed at boosting foreign-currency reserves. Beef and poultry exports will continue tax-free until October 31.
In a significant boost for Argentina's agriculture sector, soy exports for the 2024/25 season have surged to a seven-year high of 10.5 million metric tons. This follows a temporary suspension of export taxes meant to strengthen the nation's foreign-currency reserves.
The soy exports typically face a 26% tax, but the government paused these from Monday to Wednesday, allowing sales to skyrocket. The tax break was part of efforts to meet a government-set cap of $7 billion in sales. However, taxes were swiftly reinstated once this target was achieved.
Presidential spokesman Manuel Adorni announced that while soy taxes are back, beef and poultry exports will remain tax-free until October 31, with no sales quotas. The agriculture secretariat has not confirmed if this season's sales are an all-time high.
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