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Export Duties: A Key Obstacle to Restoring the Competitiveness of Argentina's Fishing Industry

Click on the flag for more information about Argentina ARGENTINA
Wednesday, January 15, 2025, 00:10 (GMT + 9)

Javier Milei’s government closed its first year in office without including the elimination of export duties (DEx) in the official agenda for the fishing industry.

Not only was there no reduction in the tax burden for the sector, but the Federal Fisheries Council (CFP) ended 2024 with an increase in the Single Extraction Duty (DUE), which directly impacts the industry’s competitiveness. This was reported by Nelson Saldivia of Parte de Pesca.

Saldivia says that Argentine fishing industry is less competitive today than a year ago.. Production costs have risen alongside inflation, including wages, while the exchange rate has lagged significantly. Without reductions in export duties and with an increase in extraction fees, the fiscal pressure on the industry continues to grow.

The increase in the DUE, as implemented, introduces distortive effects that several companies have already flagged. This is due to the applied calculation formula, which may lead to administrative petitions for correction before exploring legal action.

At the same time, several legal and constitutional experts have been consulted by fishing sector companies regarding the validity of the extension of export duties, which was not debated in the National Congress. Based on existing case law, some companies argue that, as long as these duties remain unapproved by Parliament, they should not be applied to exports.

Fresh shrimp fleet grouped in the CAFACH Association (Chubut)

In this context, export duties are currently one of the greatest obstacles preventing Argentina’s fishing industry from regaining competitiveness in international markets.

Exchange Rates and Uncertainty

The exchange rate in Argentina remains a hot topic in economic debates. While many economists argue that the dollar is “undervalued,” President Javier Milei insists otherwise, defending his economic policies and criticizing dissenting opinions.

For the export sector, the much-anticipated devaluation is unlikely to occur. While the agricultural sector received a promise of reduced or eliminated export duties in 2025, the fishing industry has no such assurance. Business leaders in the sector believe that, if macroeconomic conditions improve, an eventual removal of export duties might be considered. However, at this point, such optimism appears overly ambitious.

'Jigging' vessels unloading frozen squid. Photo: courtesy of ChubutOnLine

Challenges and Opportunities

With the proposal for a reform of the Federal Fisheries Regime by Federico Sturzenegger now off the table and quota allocations extended until 2039, the main challenge for the sector is to reiterate the need for the elimination of export duties on fishing products.

In 2024, the fishing industry contributed over $1.9 billion in foreign exchange to the country. However, as of January 1, 2025, it faces higher costs due to the increased DUE. Combined with an unfavorable exchange rate, this creates a scenario that not only affects the industry’s competitiveness but also its profitability, jeopardizing the more than 20,000 direct and indirect jobs that depend on this activity.

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