Argentina’s agricultural sector exports record US$4.2 billion in a single day

Following Treasury Secretary Scott Bessent’s announcement that the United States is “ready to do what is necessary to support Argentina,” the agricultural sector exported a record 11.47 million tons of grains, oilseeds, and byproducts, valued at US$4.181 billion.

A decree eliminated export duties on key agricultural products until October 31 or until US$7 billion’s worth of products have been exported. According to the Rosario Stock Exchange, the volume traded Wednesday represents “59.7% of the cap established” by the decree.

The government has not yet clarified whether the export tax scheme will revert to the one in place beforehand once either of these limits is reached.

The surge in sector sales also comes amid confusion regarding Bessent’s statements. In a post on X (formerly Twitter), he claimed that the U.S. authorities are “working with the Argentine government to end the tax holiday for commodity producers converting foreign exchange.”

Miguel Ponce, director of the 21st Century Center for International Trade, explained to the Herald’s sister title Ámbito that the official’s statements indicate that Argentina may reimpose the tax “to avoid losing revenue and, in turn, acquire dollars for the Treasury.” The revenue from export duties amounts to about AR$9 trillion per year.

Bessent’s announcements in support of Javier Milei’s government positively impacted Argentine financial indicators. The Argentine peso strengthened by 2.3%, trading at AR$1,337.50 per dollar, while shares of Argentine companies listed on Wall Street (ADRs) rose by up to 5.2%, and sovereign bonds increased by up to 6.7%.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}