Argentina has restored export taxes on grains and their derivatives after reaching its predetermined $7bn sales threshold in just three days, bringing an abrupt end to a tax holiday that had triggered intensive Chinese buying and frenzied agricultural exports.

The country's fiscal agency ARCA announced on September 24 that the sales cap established under Decree 682/2025 had been met, triggering the automatic reinstatement of export levies on soybeans, corn, wheat and their derivatives, as well as beef and poultry.

The suspension, which began on September 22 with the aim of accelerating foreign sales and securing desperately needed dollars to stabilise the peso, was designed to last until the end of October or until $7bn in declared exports were registered—whichever came first.

Market participants seized upon the temporary reprieve with remarkable enthusiasm.

According to Infobae, the bulk of activity occurred on September 24, with market sources indicating that only 30,000 tonnes of the total 11.4mn tonnes were registered between September 22-23. Agriculture ministry figures showed soybean by-products led the charge with 4.7mn tonnes, followed by 2.7mn tonnes of soybeans and 1.8mn tonnes of bread wheat.

The rapid quota exhaustion was driven partly by intensified Chinese purchasing, with buyers booking approximately 20 cargoes totalling roughly 1.3mn tonnes of Argentine soybeans since the tax suspension began, Reuters reported. The temporary competitive pricing had allowed Argentine suppliers to capture market share from US exporters, who remain largely shut out of Chinese markets due to ongoing trade tensions.

The reinstatement comes just hours after US Treasury Secretary Scott Bessent expressed expectations on social media that the zero per cent withholding tax advantage would end soon. Bessent had earlier announced talks over a $20bn currency swap line for the cash-strapped country.

The Treasury chief confirmed that American officials stand prepared to acquire Argentine sovereign bonds and provide substantial emergency financing through the Exchange Stabilisation Fund, though final terms remain under discussion following the September 23 bilateral summit with President Javier Milei at the United Nations General Assembly in New York.

Argentina, one of the world's leading grain suppliers, depends heavily on its agricultural sector for foreign currency generation. The rapid exhaustion of the export quota demonstrates both the sector's export capacity and the urgent need for dollar revenues in South America's second-largest economy.