Argentina to cut tariff on soybean exports – report

Argentina is expected to reduce its tariff on soybean exports to 30 percent from the current 35 percent when new President Mauricio Macri steps into office next month, Bloomberg said, quoting Clarin which reported the incoming Agriculture Minister Ricardo Buryaile’s statement.

The new government also will fulfill electoral pledges to remove tariffs on wheat, corn, beef and sunflowers from Dec. 10, Buryaile said, according to Clarin, Bloomberg said. The soybean tariff will be cut by five percentage points a year until its elimination in seven years, Clarin said.

Argentina is the world’s third-largest soybean producer and is forecast to export 10.75 million tons of soybeans in its 2015-16 marketing year, according to the U.S. Department of Agriculture.

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