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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

December 12, 7928

Is Argentine Agriculture Faring Well Under Milei?

Argentine President Javier Milei vowed last month to get rid of export taxes that affect the agricultural sector. A worker in an Argentine soybean field is pictured. // File Photo: Argentine Government.

Q

  • Argentine President Javier Milei promised last month during remarks at the annual La Rural agricultural convention in Buenos Aires to get rid of export taxes and revitalize the nation’s agricultural sector. Milei took aim at what he called a “disastrous model” in which government withholdings and restrictions have expropriated the majority of what the countryside produces. How has the Argentine agricultural sector fared so far under the Milei administration? How might farmers benefit from lower export taxes and less government restrictions–and how seriously would government revenue be affected by such changes? Would Milei’s libertarian approach to agricultural sector policy be a boon or bane to the national economy overall?

A

Daiana Fernández Molero, member of Argentina’s Chamber of Deputies: “The challenges facing Argentina’s agricultural sector cannot be understood without considering the broader economy. President Milei’s economic team inherited an economy fraught with severe distortions and teetering on the brink of hyperinflation. Last year, inflation reached an accumulated rate of 211 percent, the financial deficit stood at 4.4 percent, central bank reserves were negative and the economy was contracting by 1.4 percent despite record-breaking monetary expansion and the populist (and irrational) elimination of the income tax by Finance Minister Sergio Massa and President Alberto Fernández. Consequently, it is unrealistic to expect that either Argentina’s macroeconomic issues or those of the agricultural sector will be resolved overnight. In this context, I believe there is no better sectoral policy than to reduce inflation—the worst of…”

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