The day's most important news and information in brief.

A Fourth Estate® Service.

Monday, September 20, 2021

Brazilian Government Will Eliminate Tariffs on Soy and Corn until Next Year

The Brazilian government decided to temporarily eliminate tariffs on soy and corn imports from nations outside the Mercosur trade bloc until next year, in a move that reverses one of the main policies of conservative President Jair Bolsonaro.

The Brazilian government decided to temporarily eliminate tariffs on soy and corn imports from nations outside the Mercosur trade bloc until next year, in a move that reverses one of the main policies of conservative President Jair Bolsonaro.

Government officials that refused to be identified said that the decision was taken on late Saturday at a meeting of Gecex, which is a technical body within Brazil’s economy ministry.

The government officials told the TV network that soy oil and soybean meal imports will also be exempt along with soy imports until January 15th 2021, while corn imports will not pay the tariffs until March 31st next year.

The Brazilian meat trade group ABPA, which represents the pork and poultry sector and relies on grain as animal feed, requested the exemption in August by arguing that current record-high prices in the country were hurting their margins. 

The tariff on soy and corn imports from outside Mercosur, which includes Uruguay, Paraguay and Argentina, is currently 8 percent.

Article © 2021 Fourth Estate® — All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Recent Articles

spot_img

Get the Daily NewsBrief in your inbox

Related Stories