Argentina raises soybean export tariff
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Last Update: 2002-03-15
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Source: Internet
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Author: User
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Introduction: Agriculture counselor of the U.S Department of Agriculture reports Argentina's economy minister said on March 4 that the government would impose 10% tariff on the export of large agricultural products (wheat, corn, soybeans, etc.) and 5% export tariff on agricultural and industrial processing products The enforcement rules are published on March 5 and take effect immediately For oilseeds, the export tariff of soybeans and sunflower seeds was raised to 13.5%, and the export tariff of vegetable oil and oil meal was 5% The rule provides for all items subject to a 10% tariff These items are mainly unprocessed agricultural products and non-agricultural products (such as corn, wheat, etc.) All other product costs, mainly agricultural processing products (such as soybean oil and meal) and industrial products, will be subject to 5% export tariff With the exception of petroleum products, higher tariffs will be paid The export tariff will be raised according to the level (e.g 3.5% increase in soybeans), which will take effect from the date of promulgation on March 5 In agriculture, new tariffs are not enough to offset the gains from the devaluation of the peso Even if export tariffs were imposed, the benefits from planting soybeans and sunflower seeds per hectare would be at least 100 pesos higher than before the peso devaluation.
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