Argentina has lifted a 50-year ban on live cattle exports, aligning this policy with record beef export levels. The government aims to increase competition in the meat sector as part of President Javier Milei’s deregulatory efforts. In 2023, beef exports reached a historical high, reaching over 935,000 metric tons, with the majority shipped to China.
The Argentine government has lifted a 50-year ban on live cattle exports, a move coinciding with record beef export figures last year, the highest in a century. This decision aligns with the recent policy to enhance competition in the meat industry, as emphasized by President Javier Milei’s deregulatory agenda.
Argentina, known for its renowned beef products and traditional asado barbecue, has a robust agribusiness sector that significantly contributes to the national economy. The agricultural exports bolster the country’s hard currency reserves, essential for funding imports and reducing fiscal debt.
To stimulate international trade, President Milei’s administration implemented a five-month tax cut on grain and derivative exports. Additionally, they reduced local duties on beef exports from 9% to 6.75% to further incentivize sales abroad.
Last year marked a significant milestone with Argentine beef exports rising by 10%, reaching over 935,000 metric tons. This volume approached the all-time high of 981,000 tons from 1924, illustrating the growing demand for Argentine beef globally.
In 2023, Argentina exported beef to 53 countries, an increase of 11 markets compared to the previous year. Notably, around 70% of these exports were to China, while other significant importers included the European Union and Israel.
The reauthorization of live cattle exports by the Argentine government signifies a pivotal shift in its agricultural policies aimed at bolstering competition and increasing international trade. Coupled with tax incentives for agricultural exports, these measures reflect a strategic plan to enhance the country’s economic performance. As Argentina capitalizes on its beef exports, it strengthens its position in global markets, particularly with major buyers such as China.
Original Source: www.marinelink.com
