According to Argentine media reports, during a visit to the 136th International Livestock, Agriculture, and Industry Exhibition (Palermo 2024) held in Buenos Aires, Argentina, President Javier Millet announced the cancellation of export tariffs on the main beef product exported to China and a 25% reduction in export tariffs on the remaining animal protein.

At the same time, he also officially approved the 0% export tariff currently being implemented on dairy products.

The annual export value of Argentine beef processing plants is about 3 billion US dollars, of which 9% (about 270 million US dollars) is paid to the national treasury in the form of export tariffs.

The scope of products that President Millet mentioned for the cancellation of export tariffs includes "Class A, Class B, Class C, Class D, and Class E cows", which are all types of cows and the main source of meat for Argentina's beef supply to China.

If this policy is officially implemented, most exports of Argentine beef (including boneless beef) will be exempt from export tariffs. Argentine beef processing plants need this low-cost beef to supply the Chinese market, which accounts for 75% of Argentina's export share.

Another tax reduction measure may lower the export tariff rates for other categories of beef, as well as chicken, pork, and lamb, to 6%.

Through this round of tariff reductions, Argentine export companies are expected to save tens of millions of dollars.

Against the backdrop of the rising cost of the main production input in US dollars, the Argentine beef industry has been condemning the serious decline in competitiveness caused by currency depreciation, export restrictions, and the continued existence of export tariffs. President Millet's statement has greatly boosted the confidence of Argentina's export industry. (Content sourced from Muji)