Soybean complex temporary tariff reduction to end in January
Soybean
Dan Kleiner
Published Dec 29, 2020
As a relief measure and to obtain more foreign currency based on more exported volume, in the month of October 2020, the Argentine government decided to temporarily reduce the export tariffs for the soybean complex. The measure was designed to last 3 months and they are due on January 1st.
In the case of soybeans, in October the tariff was reduced from 33% to 30%, in November raised to 31.5%, in December to 32%, and as of January 1, it will return to 33%.
For oilseed by-products, among which flour and oil stand out for their volume, the rate was lowered to 27-28% respectively in October and will return to 30-31% in January 2021, restoring the differential between shipments of raw material and those that have some processing.
This all happens also, while a major strike in the main ports is happening and while so far this year, the soybean price has increased more than USD 100/ton as a result of the lack of rain in Brazil and Argentina, and the greater demand from China.
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