Argentina Temporarily Lowers Grain Export Taxes Amidst Agricultural Struggles

Argentina's government announced a temporary reduction in grain export taxes, responding to economic improvements and pressures from agricultural groups facing a 'critical' situation due to drought and low prices. Economy Minister Luis Caputo emphasized the government's focus on reducing taxes, with changes effective next Monday through June.

Argentina's government has announced a temporary tax reduction on grains exports, citing economic improvements as the driving force behind the decision. This move comes after significant pressure from the country's largest agricultural groups, who have described the sector as being in a 'critical' condition due to prolonged drought and falling crop prices.

In a statement on Thursday, Economy Minister Luis Caputo mentioned that the export tax cut will apply to soybeans and other products starting Monday and extending through June. 'This is a government that has come to lower taxes,' Caputo declared, detailing steps to support the industry.

Argentina, a leading global producer of soy and corn, has been struggling with adverse weather conditions, particularly the lack of rain since late December, impacting crop yields and exacerbating farmers' financial burdens.

(With inputs from agencies.)