Record soybean exports and strong foreign currency inflows in the first half of the year

Argentine grain exports and by-products reached a historic record in the first half of 2025, totaling 64.5 million tons, according to the Sworn Export Sales Declarations (DJVE) published by the Secretariat of Agriculture and Fisheries and analyzed by the Rosario Board of Trade (BCR). This volume represents the highest half-yearly record for a first semester since records began, and the second highest since2008.

The strong performance of the agro-export sector coincided with a temporary reduction in export duties implemented by the Government  to accelerate the inflow of foreign currency. The result was an income exceeding USD16 billion, according to estimates by economist Salvador Vitelli of Romano Group, based on data from the Oil Industry Chamber (CIARA) and the Grain Exporters Center (CEC), adjusted for international price values.

The soybean complex was the main driver of the semester, with 31.1 Mt recorded, that is, 48% of the total. Of this volume, 61% correplied to by-products, 24% to beans, and 14% to oil. In this segment, Viterra led external sales, consolidating a dominant position it has maintained for five years.

In the breakdown by product, Viterra led shipments of oil and by-products with 1.1 and 4.2 million tons respectively, while ADM Agro led in beans, with 1.1 million tons.

The second most important complex was corn, with 22.76 Mt, equivalent to 35% of exports. This volume represented an increase of 67% compared to the first half of 2024 and 61% above the average for the 2019–2024 period.

Cargill was the largest exporter in the segment, with 4.5 Mt, which also allowed it to lead the overall ranking with a total of 9.6 Mt exported, followed by Viterra with 8.1 Mt and Cofco with 7.4 Mt.

To a lesser extent, the wheat complex contributed 5.47 Mt (8% of the total), led by ADM Agro with 1.24 Mt, followed by Cargill with 0.97 Mt. Sunflower totaled 1.83 Mt (3%), with Viterra again at the forefront (0.64 Mt), while barley recorded 2.15 Mt, led by Cervecería y Maltería Quilmes with 0.57 Mt. The sorghum complex, finally, reached 1.14 Mt, with ACA leading with 0.29 Mt.

According to BCR, the overall export volume was not only high in historical terms, but was also explained by the temporary reduction in export duties, which was in effect until June 30. In the case of soybeans, the rate dropped from 33% to 26% for a limited period.

This measure triggered early sales declarations to take advantage of the tax differential, which will generate in July an additional settlement estimated at USD 4.5 billion, corresponding to sales already committed during June.

The current regulations establish that exporters must bring in foreign currency within 15 business days after registering the operation, which extends the positive impact of the fiscal measure beyond its formal expiration.

In this context, the reduction in export duties proved to be a more effective policy than previous instruments implemented by Kirchnerist governments such as the "soybean dollar" or the "blend dollar", which only resorted to differentiated exchange rates to minimally compensate for the tax destruction caused along with export duties.