Brazil to eliminate import tariffs on soybean and corn

20/10/2020 12:00 - 38 total view

The Brazilian government will eliminate import tariff on soybean and corn to combat inflation in the food sector, the Ministry of Economy said.

The country’s Foreign Trade Chamber approved a reduction in tariffs on soy and corn purchases in order to slow inflation, which rose 0.64% in September, the ministry said in a statement.

The measure follows an announcement made in September, which eliminated tariffs on rice imports until the end of the year.
The reduction in import tariffs on soy will be valid until Jan 15, and on corn, until March 31.

Brazil is the world’s largest soybean exporter, and according to the National Confederation of Industry, soybeans, soybean meal, and corn were among the top five products exported by the country in September, along with cane sugar and beef, together accounting for 55.4% of all national exports.

The devaluation of the real against the dollar in recent months has caused Brazilian products to become more attractive to the foreign market, which has led to an increase in exports and thus an increase in the price of these products on the domestic market.
Source: The Star