According to the Ministry of Economy of Argentina, China reduced or extended the temporary reduction of customs duties on 143 types of agricultural products imported from Argentina, DatamarNews reports.
The Ministry of Finance of the People’s Republic of China believes that such a decision will allow “to reduce prices, stimulate consumption and adjust or change temporary tariffs in view of the dynamics of supply and demand in the local market.”
Thus, the temporary reduction from 15% to 9% of the duty on the import of oilseeds (linseed and sunflower) was continued. In addition, customs duties on the import of dairy products, fruits, vegetables, spices, and fish have been reduced.
Experts of the Rosario Grain Exchange report that the decrease in harvest in 2022/23 due to prolonged drought has led to a significant reduction in agricultural exports in 2023. Compared to the previous year;
- soybean exports decreased by 39% to 23.6 million tons,
- corn by 33% to 24.3 million tons,
- wheat by 76% to 3.6 million tons.
We will remind that, according to the forecasts of the Rosario Grain Exchange, in 2023/24, the production of wheat in Argentina will reach 14.5 million tons, soybeans – 50 million tons, and corn – 56 million tons.
China is intensifying the import of agricultural products, and last year allowed the supply of corn from Brazil, and also increased the list of agricultural products for import from the Russian Federation and Kazakhstan.
Source: Graintrade