Argentina’s government announced it had suspended exports of soybean flour and oil

Argentina’s government announced it had suspended exports of soybean flour and oil amid rumors it is planning to hike taxes due to soaring primary material costs blamed on Russia’s invasion of Ukraine. The South American country is the world’s largest exporter of soybean flour and oil. Soybean products made up 30 percent of Argentina’s exports in 2021, worth nine billion dollars to the government. The agricultural markets undersecretary, a division of the agriculture ministry, said in a statement that these exports were suspended ‘until further notice.’ In 2021, soybeans flour was Argentina’s largest export with soybean oil its third-biggest. Industry sources claim the government is analyzing the possibility of increasing export tariffs on those two products to 33 percent from 31 percent.