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Argentina suspends registration of soybean oil and soybean meal exports, industry associations worry about tariff hikes

 Last Update: 2022-04-17
 Source: Internet
 Author: User

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Foreign media, March 14 news: Argentina's Deputy Minister of Agricultural Marketing issued a notice to exporters on Sunday (13) to suspend the export registration of soybean oil and soybean meal until further notice .

The suspension of export sales registration means that sales and exports of the 2021/22 crop will come to a standstill
.
However, the new soybean harvest will not start until several weeks later, so the export of the new soybean meal and soybean oil has not actually started
.

The Argentine government announced that the export registration of soybean oil, soybean meal and other related products will be suspended immediately
.
Argentina has so far registered exports of about 5 million tonnes of soybean oil and other manufactured products in 2021/22, government data show
.

The Argentine Grain Exporters and Processors Chamber (CIARA-CEC) said that the government stopped the export registration in order to increase export tariffs by two points
.
This will hurt the interests of Argentine exporters and will also affect foreign exchange earnings and employment in the agricultural industry chain
.

Argentina currently imposes a 31% export tax on soybean oil and soybean meal
.
Analysts said the new tax rate could reach 33 percent, which is also the rate currently charged on soybeans
.

An article in Argentina's local newspaper Clarín said that not only export taxes on soybean derivatives could be raised, but also on grains to 35 percent, as the conflict between Russia and Ukraine hit agricultural markets
.

　　Argentina produces 40 to 45 million tons of soybeans annually, of which 35 million tons are processed into soybean meal and oil, making it the world's largest exporter of soybean meal and oil
.

　　The analysis agency pointed out that in 2021, Argentina will export more than 40% of the world's soybean meal and nearly 50% of the soybean oil, with a total export value of nearly 13 billion US dollars
.
This comes at a difficult time in debt negotiations between the Argentine government and the National Monetary Fund (IMF), Agrinvest added, with the government expected to raise an additional $410 million by raising export taxes
.

　　Last week, however, Argentina's Agriculture Minister Julian Domingo denied that the export tax would be adjusted
.

Export soybean oil and soybean meal

　　Argentina currently imposes a 31% export tax on soybean oil and soybean meal
.
Analysts said the new tax rate could reach 33 percent, which is also the rate currently charged on soybeans
.

　　Argentina produces 40 to 45 million tons of soybeans annually, of which 35 million tons are processed into soybean meal and oil, making it the world's largest exporter of soybean meal and oil
.

　　Last week, however, Argentina's Agriculture Minister Julian Domingo denied that the export tax would be adjusted
.

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