Image: Pixabay
Last Saturday (19), the Argentine government approved an increase in tariffs on exports of soybean meal and oil, from 31% to 33%.
The South American country is the largest global exporter of oilseed derivatives. With this measure, the Argentine government expects additional tax revenue of US$ 425 million, according to the Buenos Aires Grain Exchange (BCBA).
“The new international situation requires the taking of urgent measures that contribute to the stabilization of domestic prices of essential products for the diet of Argentine men and women, as well as maintaining a volume adequate to the supply needs of the internal market”, highlighted the decree.
{module Form RD}
The Chamber of the Oil Industry of the Argentine Republic (Ciara) says it is analyzing possible illegal actions. The head of the Ciara-Cec grain export chamber, Gustavo Idrogras, told Reuters that this measure “clearly punishes the industrialization of Argentina (…) this will severely affect the entire soybean chain”.
Wheat
The creation of a Wheat Stabilization Fund was also announced, with the aim of controlling domestic prices, under the allegation of a “war against inflation” by President Alberto Fernandéz.
Source: DATA
