FX.co ★ Argentina Restores Grain and Meat Export Taxes as Sales Surge

Argentina has reintroduced export taxes on grains, by-products, beef, and poultry, following the swift reaching of a USD 7 billion sales threshold just two days after a temporary suspension was implemented, the fiscal agency ARCA announced on Wednesday. Earlier in the week, the government had enacted a decree to suspend taxes on key exports such as soy, corn, wheat, biodiesel, and other products until the end of October. This measure aimed to accelerate exports and urgently generate the necessary foreign currency to stabilize the peso. As one of the leading grain suppliers globally, Argentina's economy is significantly dependent on its agricultural sector to earn foreign currency. The suspension was planned to continue until late October or until exports hit the USD 7 billion mark—a milestone achieved much sooner than anticipated.