I just found out that Pino from La Rural went to talk with Caputo and Milei, and basically asked if they were going to lower export taxes further. The response was "no, not for now." They say they recalculated a lot of expenses due to changes in labor, education, and health.

The interesting part is that the agricultural sector continues to contribute a huge amount of foreign currency—more than 200 billion dollars in export taxes—but according to Pino, zero major projects. Hospitals, schools, roads... nothing. That leads them to raise their hand every time another sector receives tax benefits.

But well, the export numbers for January were a record for the first month: 10.63 million tons, $4,152 million. Caputo posted on social media highlighting that it’s the best January of the decade. An 18% growth in value. Pino comments that calmer exchange rates allow for better planning, and on top of that, they’re coming off a wheat harvest of nearly 27-28 million tons, an all-time record.

It’s unusual for January, but it makes sense given the current stability. The agricultural sector is responding with more production, as Pino says. We’ll see if Caputo and Milei find budget space for further reductions later.