Argentina has reduced duties on grain exports, which will increase competition in the markets

Argentine Economy Minister Luis Caputo announced a reduction in grain export duties, La Depecha Diario reports.

Thus, the export duty on wheat and barley will be reduced from 9.5% to 7.5%, corn and sorghum - from 9.5% to 8.5%, soybeans - from 265 to 24%, soybean processed products - from 24.5% to 22.5%, sunflower - from 5.5% to 4.5%.

This decision should significantly reduce the tax burden on the industry, which brings the largest amount of foreign currency into the Argentine economy.

Recall that Argentine President Javier Milley promised during the election that his goal was to completely abolish (reduce to zero) export duties on agricultural products, but he is currently implementing this gradually, in several stages.

Reducing tariffs will contribute to increasing the income of farmers, who will increase the production and export of grain and its processed products to the world market.