Argentina’s farming sector is a cornerstone of the country's economy. President Javier Milei has announced a reduction in taxes on major agricultural exports - a move aimed at boosting production and easing the burden on producers.

Buenos Aires

Argentina has announced a reduction in export taxes on major agricultural products, a move intended to support its farming sector and increase production. President Javier Milet made the announcement at a prominent agricultural fair, highlighting the country's role in the global food supply and the challenges faced by producers due to longstanding export taxes.

The reduction in export taxes is part of broader economic reforms, including austerity measures aimed at curbing inflation. While the government hopes the change will strengthen the agricultural sector, analysts note that further economic improvements are necessary for the sector to fully recover and thrive.

Argentina cuts export taxes to boost farming sector and production

It is one of the largest agricultural fairs in the world. La Rural happens every year in July. It's a time when the farming sector comes to Argentina's capital, Buenos Aires. Fabián García says Argentina has to export more. Argentina has a crucial role to play in the global food supply. While the world's population continues to grow, food production isn't keeping pace, and livestock numbers are declining worldwide. This presents a major opportunity for Argentina. President Javier Milet visited the fair on Saturday and delivered on a long-awaited promise – the reduction of some export taxes on key agricultural products. The agricultural sector in Argentina has been burdened with extra taxes for over 20 years. These aren't temporary measures. It will remain in place for as long as I'm in office. We have managed to maintain this system thanks to the gains we have achieved, even in the face of constant resistance. Argentina is a leading producer of beef, corn and soybeans – staples that play a crucial role in this country's economy. However, export taxes have long been a source of tension between the agricultural sector and the government. And that's why President Javier Milet came to this fair – to rally support among the farming communities, when legislative elections are just a few months away. Milet is implementing one of the harshest austerity plans in Argentina's history. Cutting subsidies on transport and electricity, reducing public works and reducing spending on health care and education. The main objective has been to reduce Argentina's soaring inflation, but Milet's measures are also having an impact across the country. Martial Longoni says Milet's announcement is a gesture towards a sector that has been a crucial supporter of his administration. In Argentina, even soybean farming has stopped being profitable. There's simply not enough money to sustain all the players in the chain – the government, the landowners, the seed suppliers, the producers themselves. The latest announcement doesn't fix this. President Javier Milet is convinced Argentina's agricultural sector will help deliver economic greatness. But analysts say that for this to happen, the government's economic plan will have to succeed first.

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