The Executive Management Committee (Gecex), of the Chamber of Foreign Trade (Camex), decided to reset the import tax on corn and soybeans. The measure seeks to maintain the balance of supply of these products on the foreign market.
The temporary suspension of the import tax on soybeans (grain, soybean meal and oil) will be valid until January 15, 2021. In relation to corn, Brazilian imports without paying taxes will last until March 31, 2021. The establishment of these dates aims not to compromise the commercialization of the next harvest, which is scheduled to be harvested at the beginning of next year.
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The increase in global food demand, caused by the Covid-19 pandemic, increased domestic consumption of corn to supply animal protein production, which saw growth in exports. A movement that has already been recorded over the last two decades, at a rate of 14.3% per year. In the case of soybeans and derivatives, such as bran and oil, there was also an increase in foreign sales that gained momentum with the appreciation of the dollar.
The Ministry of Agriculture states that there is no risk of a shortage of products. “Due to these factors, it was convenient to seek a preventive measure, in order to equalize import conditions from third countries with Mercosur, strengthening supply to the domestic market”, states the Director of Marketing and Supply, Sílvio Farnese.
On September 9th, Camex zeroed the import tax rate for paddy and milled rice until December 31st of this year, in response to a request from Mapa. In this case, the temporary reduction is restricted to the quota of 400 thousand tons. Until the beginning of the month, Brazil had already negotiated 225 thousand tons of rice from the United States, India and Guyana, which should enter the country by November. In the case of corn and soybeans, there was no definition of an import quota.
Source: agrolink
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