The Argentine Government Announced The Implementation Of A Temporary Exchange Rate For Soybean Exports

Comprehensive Argentine agricultural information network, "Horn" reported on September 4, 4, Argentina's Economy Minister Massa announced the implementation of the "export growth plan" to promote soybean exports, increase foreign exchange earnings. From now until September 30, 2022, the soybean exports will be applied to the "soybean dollar" exchange rate (the dollar to peso price of 1:200). The government expects that the implementation of this policy could bring $5 billion in foreign exchange earnings. A Chamber of Oilseeds and Grain Export Center Chairman said that although this is a temporary policy, but will play an important role in improving the current sluggish situation of soybean exports. Official statistics show that as of Aug. 24, 2022, the number of soybeans sold by A producers is only 22.7 million tons, 5.8 million tons less than the same period last year.

In addition, the government will also set up an export growth fund based on soybean export tariff revenue to provide food security for the very vulnerable, while using part of the tariff revenue to fund small and medium-sized producers and regional economic incentives.