Argentina reinstates higher export taxes on soyabeans, corn and sunflowerseed

Argentina has re-introduced higher export taxes on soyabeans, sunflowerseed and corn, effective 1 July, the Buenos Aires Herald reported on 27 June. Export duties on some agricultural commodities had been cut in January to help farmers recover from low crop prices and bad weather but the Economy Ministry’s decree had dashed the hopes of producers wishing for a last-minute change of heart, Buenos Aires Herald wrote. Duties would increase from 26% to 33% for soyabeans; 9.5% to 12% for corn and sorghum; and from 5.5% to 7% for sunflowerseed. Export duties on wheat and barley would remain at 9.5% until 31 March 2026. According to a 28 June Rio Times report, the temporary tax cut in January had helped boost sales and production but the government was reinstating the duties to build up its reserves of foreign currency and meet its obligations with the International Monetary Fund. Argentina is one of the world’s largest exporters of soyabeans, soyabean oil and corn. In 2024, exports ...