Argentina temporarily eliminates export duties on grains

The Government of Argentina temporarily eliminated export duties for all grains this Monday, an exceptional measure aimed at incentivizing the liquidation of foreign currency and increasing monetary reserves amid strong exchange pressures in the South American country. The decree, signed by President Javier Milei and published this Monday in the Official Gazette, reduces the export duty rate to 0% for grains until October 31 or until export sales declarations reach seven billion dollars. According to the regulation, exporters must liquidate at least 90% of the foreign currency within up to three business days after the corresponding sworn sales declaration is made. The announcement was made by the presidential spokesperson, Manuel Adorni, who affirmed that the measure applies to all grains, including soybeans, corn, wheat, sunflower, barley, and sorghum, the main crops in Argentina. "Until October 31, there will be zero withholdings (export duties) for all grains," the official ...