Mexico exempts import taxes on beef, chicken, and pork to curb inflation

Published 2022년 5월 23일

Tridge summary

Mexico has exempted import duties on live cattle, pigs, sheep, goats, and chickens, and essential products for a year starting May 18, 2022. According to Banco Base economist Gabriela Siller, these measures are expected to have a minimal impact on inflation due to the low percentage of duty-free products in the consumer price index. However, she warns that the government budget will bear the strain, more so with the existing subsidies to keep gasoline prices low, which already make up nearly 2% of the country's gross domestic product.

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Original content

Import duties will also be waived on live cattle, pigs, sheep, goats and chickens. Banco Base economist Gabriela Siller said the measures would have little impact on inflation as duty-free products only account for about 11.4% of the consumer price index. She thinks it will put more strain on the government budget, measures combined with government budget support to keep gasoline prices low already account for nearly 2% of gross domestic product. The authorities said that the tax exemption on essential products will start from May 18, 2022 ...

Source: Vinanet