Argentina on May 6 officially implemented the removal of duties on urea and UAN, which were 5.4% and 3.6%, respectively (GM April 12, p. 1). In 2023, Argentina imported 825,000 metric tons of urea and 358,000 metric tons of UAN.
Argentine Minister of the Economy Luis Caputo in April posted on social media that the elimination of tariffs would bolster competition in the agricultural sector, and he noted a sharp reduction in prices of inputs, which he attributed to the improving state of the economy.
Argentina’s main urea supplier Egypt enjoyed a duty-free agreement but will now be on the same level playing field as Algeria and Nigeria, which also supply urea to the country. Other large UAN suppliers include Russia, Trinidad and Tobago, and the US.
Argentina has one domestic urea producer, Profertil, which is owned by Nutrien Ltd. and the state-owned energy company YPF SA.