Argentina, the world's leading supplier of soybean oil and flour, raised export duties on these products from 31 to 33%, but will not increase taxes on foreign sales of wheat, soybeans, corn and corn oil, announced Saturday the Ministry of Agriculture.
The Argentine government ordered “the temporary suspension of the 2-point spread of export duties on soybean meal and oil. This suspension will bring them back (from 31%) to 33%,” Agriculture Minister Julián Domínguez announced at a press conference.
Last Monday, Argentina had decided to temporarily suspend exports of soybean meal and oil, amid the escalation of commodity prices in the international market.
The increase from 31 to 33% returns export duties to the level prior to October 2020, when exporting companies benefited, amid the covid-19 pandemic.
This measure “reaches 11 companies that export soy by-products, of which eight firms represent 95% of total exports” but does not affect producers, who “already have 33% discount”, the minister specified.
Domínguez ratified the creation of a Temporary Wheat Stabilization Fund, published this Saturday in the Official Gazette, which will be administered by the Ministry of Internal Trade, not under the Ministry of Agriculture.
The government seeks to “stabilize the price of wheat at pre-war rates and decouple the Argentine price from international prices,” Dominguez said, arguing that the value of cereal rose 37% as a result of the war in Ukraine.
Dominguez clarified that the government “will not touch the withholding of corn, wheat, soybeans and corn oil,” considering that every time those taxes were increased, “Argentina fell in its intention of planting level.”
The measures are part of the decision announced by President Alberto Fernández to wage a strong fight against inflation, which exceeds 50% in the last twelve months, after congressional approval of a debt refinancing agreement with the IMF for some $45 billion.
According to Dominguez, the government has two objectives: “to try to take care of consumers and not to harm Argentine producers,” he said.
“We are working to give the goose of golden eggs that is the Argentine producer, the predictability and confidence it requires,” he added.
In this context, it was decided to “open export records for a total of eight million tons of wheat, which add up to two million” in search of making the 2022-2023 harvest a new record, he said.
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