Argentina gives green light to cattle exports in five-decade reversal

They country exported around 935,000 metric tonnes of beef last year

A view of cattle in a ranch in San Antonio de Areco, on the outskirts of Buenos Aires, Argentina Jun 7, 2024. REUTERS/Tomas Cuesta

The Argentine government has authorised the export of live cattle for slaughter, reversing a prohibition that had been in place for over five decades.

Argentina, famed for its beef cuts and traditional asado barbecue, is a ranching and farming powerhouse as well as a major exporter of processed soybeans, corn and wheat.

In a statement on Wednesday, the agriculture secretariat pitched the policy reversal as a move towards "greater competition within the meat and livestock chain," in line with libertarian President Javier Milei's push to deregulate South America's second-biggest economy.

Last month, Milei's government enacted a five-month tax cut for exports of grains and their derivatives in another bid to promote sales abroad.

Sales from the country's massive agricultural sector to foreign markets provide the largest source of hard currency for central bank coffers, needed to finance imports and pay down debts.

Last year, Argentina exported around 935,000 metric tonnes of beef, with nearly 70 percent shipped to Chinese buyers, according to official data.