To contain price hikes, government decides to zero import tax on...

To contain price hikes, government decides to zero import tax on...
To contain price hikes, government decides to zero import tax on...

Both measures aim to contain the rise in prices in the food sector, the government said. In September, the country’s official inflation was 0.64%, the highest for the month since 2003, a result that was driven by food and beverages.

In early September, the government had already zeroed, until the end of this year, the import tax rate for paddy and processed rice.

In the case of soybeans, the government informed, the reduction of the import tax to zero will be valid until January 15, 2021 and will cover grains, bran and soybean oil. Until then, the import rate was:

Corn, on the other hand, was included in the Brazilian List of Exceptions to the Common External Tariff, with a reduction of 8% to zero, valid until March 31, 2021.

In supermarkets, soybean oil rose more than 30% in September, almost double the increase in rice, according to the São Paulo Supermarket Association.

Brazil is the largest soy exporter in the world and the devaluation of the real in recent months, which makes Brazilian products cheaper, has further stimulated foreign sales.

Countries like China buy a lot from domestic producers and less for our domestic consumption.

In addition, the higher dollar – the US currency has already risen more than 30% this year – also increases the profitability of exporters.

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