Argentine President Javier Milei: Measures could affect the prices of corn and soybean oil imported by Peru

Published Jan 10, 2024

Tridge summary

President Javier Milei's 'Law of bases and starting points for the freedom of Argentines' could impact Peru's import of certain foods, leading to a negative impact on the final price of basic foods in the Peruvian market. The increase in tax rates for products in the agricultural sector, such as yellow corn and soybean oil, will affect the poultry and pork sector, as well as the food industry in Peru. Argentina is the main supplier of soybean oil to Peru, and the country's measures to address its internal economic crisis are expected to impact import costs of these raw materials in Peru in the short term.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Due to the initiative 'Law of bases and starting points for the freedom of Argentines', by President Javier Milei, Peru could be affected in the import of certain foods. The Foreign Trade Research and Development Institute of the Lima Chamber of Commerce (Idexcam) warns that this measure will have a negative impact on the final price of basic foods in our market. “This bill contemplates, among its provisions, the increase in the tax rate for some products in the agricultural sector, such as yellow corn and soybean oil,” commented the head of Idexcam, Óscar Quiñones. In the Peruvian context, corn is used as an essential component in the production of poultry and pork meat, being used by the poultry and pork sector. As for soybean oil, it is used by the food industry. Although the actions of the Argentine Government are aimed at addressing the internal economic crisis, these measures are expected to impact the import costs of these raw materials for the food industry in Peru, ...

Source: Apnoticias