The agricultural sector attained a significant export milestone of 11.47 million tons of grains, oilseeds, and byproducts, which is equivalent to US$4.181 billion in value, in the aftermath of Treasury Secretary Scott Bessent’s statement that the United States is “prepared to do whatever it takes to support Argentina.” Until either exports achieve a value of seven billion United States dollars or until October 31, export levies on vital agricultural items have been eliminated by an official edict.
According to data, the volume of trading that took place on Wednesday accounts for “59.7% of the cap established” by the decree. The administration has not yet made it clear whether or not the export tax scheme would be restored to its prior structure if either of these thresholds has been reached. At the same time that Bessent’s comments are causing confusion, the sector has seen a rise in sales. He made the statement that the authorities in the United States are “working together with the government of Argentina to bring an end to the tax holiday for commodity producers who are converting foreign currency.”
Miguel Ponce expressed his opinion that the comments made by the official imply that Argentina is contemplating the possibility of reintroducing the tax in order to “prevent revenue loss and, consequently, secure dollars for the Treasury.” Every year, the government collects almost AR$9 trillion in income from export duties.
The pronouncements made by Bessent in support of the government of Javier Milei have had a positive impact on the indicators of Argentina’s financial situation. Argentine corporations’ stock prices saw increases of as much as 5.2%, while sovereign bonds saw increases of up to 6.7%; at the same time, the Argentine peso strengthened by 2.3% and is presently trading at a rate of AR$1,337.50 per dollar.