Argentine farm exports totalled about US$19.7 billion in 2023, data from the country’s major oilseeds crushing and export body show. That is a 51 per cent drop from the previous year, largely because bad weather reduced agricultural output.
December data from industry body CIARA-CEC showed in a monthly report that companies in the sector exported a total US$1.25 billion worth of farm exports, down two thirds from the same period a year earlier.
Farm exports represent a major source of U.S. dollar reserves for the central bank and are essential to finance imports and pay down government debt.
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Libertarian President Javier Milei last month sent Congress a bill proposing tax hikes levied on soymeal and soyoil exports to 33 per cent from their current level of 31 per cent, days after also laying out plans to raise corn and wheat export taxes to 15 per cent from 13 per cent.
The head of CIARA-CEC has criticized the proposed export tax hikes as “very bad news for the country’s economy” amounting to a punishment to the its top export industries.
