Export tax revenue grows 35% in July, regaining fiscal importance

Argentina's export taxes, or "Derechos de Exportación" (DEx), have shown a strong rebound in July, reclaiming a significant share of national fiscal revenue. According to data compiled by RIA Consultores, the state collected $1.2 trillion pesos from these taxes, marking a 35% increase compared to June and a substantial 110% jump from May.

This recovery has boosted the relative weight of DEx within the overall fiscal collection. In July, export taxes accounted for 5.2% of the total tax mass. This consolidates a recovery trend that began after October 2025, when the participation of these taxes had fallen to a low of 1.6% following the implementation of the "soy dollar" policy, which temporarily suspended export taxes.

The performance of DEx is also notable when measured in U.S. dollars. In July, export taxes generated over $800 million, an increase from $607 million in June and $179 million in October 2025. However, when compared to the same month of the previous year, the revenue in dollars shows a 12% decrease, attributed to lower tax rates. Despite this reduction in rates, a higher export volume in July helped maintain fiscal income levels.

Data analyzed by RIA Consultores indicates that 14.6 million tons were exported in July, a considerable increase from the 9.4 million tons shipped in June. This surge in export volume compensated for the effect of the lower tax rates on revenue. Javier Preciado Patiño, director of RIA Consultores, explained that while the dollar liquidation was weak, the significant volume of "DJVE" (Declarations of Import and Export) registered for shipment in September and August, but paying taxes in July, was the primary driver of the revenue increase.

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It sounds contradictory that there was a weak dollar liquidation with an increase in the collection of withholdings. But the reality is that a lot of DJVE was registered: 14.6 million against 9.4 in June, and that was what drove the collection of withholdings. Many DJVE were registered to ship in September and in August, but they pay withholdings now. That volume is what made the collection rise.