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ARGENTINA: Government Cuts Export Tariffs On Major Crops

ARGENTINA
BulletEM BulletEmerging Market News
  • Economy Minister Caputo has said that the government will cut export tariffs on its main crops, including soy, from Jan 27 through to June 30. The cuts include a reduction in the soy export tax to 26 from 33% and wheat to 9% from 12%, with Caputo adding that the Government would like to make the cuts permanent but does not yet have the resources to do so. The move aims to support farmers affected by drought and low global prices and to improve the competitiveness of Argentine’s food shipments.
  • Separately, the government has started the deregulation of the LPG market with modifications to the current rules, according to a statement from the Economy Ministry. The ministry said that the measure seeks a more competitive system, which reflects the real costs of production and distribution of LPG.
  • No macro data are due today, with the next key releases not until the first week of February, including government tax revenue and IP. Yesterday’s better-than-expected activity data revealed a strong sequential expansion in November. Itaú expects the recovery of real wages and lower interest rates to support private consumption this year, with the normalisation of international trade amid lower capital controls also helping the economy to grow by 4.5%.
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  • Economy Minister Caputo has said that the government will cut export tariffs on its main crops, including soy, from Jan 27 through to June 30. The cuts include a reduction in the soy export tax to 26 from 33% and wheat to 9% from 12%, with Caputo adding that the Government would like to make the cuts permanent but does not yet have the resources to do so. The move aims to support farmers affected by drought and low global prices and to improve the competitiveness of Argentine’s food shipments.
  • Separately, the government has started the deregulation of the LPG market with modifications to the current rules, according to a statement from the Economy Ministry. The ministry said that the measure seeks a more competitive system, which reflects the real costs of production and distribution of LPG.
  • No macro data are due today, with the next key releases not until the first week of February, including government tax revenue and IP. Yesterday’s better-than-expected activity data revealed a strong sequential expansion in November. Itaú expects the recovery of real wages and lower interest rates to support private consumption this year, with the normalisation of international trade amid lower capital controls also helping the economy to grow by 4.5%.