Argentina has reduced tariffs on grain exports, which will intensify competition in the markets.

Argentina's Minister of Economy, Luis Caputo, announced a reduction in export duties on grains, reports La Depecha Diario. Thus, the export duty on wheat and barley will be reduced from 9.5% to 7.5%, on corn and sorghum from 9.5% to 8.5%, on soybeans from 265 to 24%, on soybean processing products from 24.5% to 22.5%, and on sunflowers from 5.5% to 4.5%. This decision is expected to significantly reduce the tax burden on the sector, which brings the largest amount of foreign currency into Argentina's economy. It should be recalled that President of Argentina Javier Milei promised during the elections that his goal is to completely abolish (reduce to zero) export duties on agricultural products, but currently he is implementing this gradually, in several stages. The reduction in duties will contribute to an increase in farmers' incomes, who will be expanding production and exporting grains and their processed products to the global market.