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The Decision to Zero the Import Duty on Corn and Soy Was Made by Camex to Contain the Increase in Food Prices
Two of the main grains in national agriculture – soy and corn – will have their import duty set to zero in order to maintain balance in the supply of these products in the domestic market. The decision was made by the Executive Management Committee (Gecex) of the Chamber of Foreign Trade (Camex) on Friday (16), during an extraordinary meeting, based on proposals presented by the ministries of Agriculture, Livestock and Supply (regarding soy) and Economy (regarding corn).
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Zero Taxes on Soy and Corn Imports
The temporary suspension of the import duty for soy (grain, meal, and oil) will be in effect until January 15, 2021. As for corn, Brazilian imports without tax payment will last until March 31, 2021. The establishment of these dates aims not to compromise the marketing of the next harvest, which is expected to begin early next year.
The increase in global food demand caused by the occurrence of the Covid-19 pandemic generated similar effects, but with different motivations, in the markets related to these two commodities.
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In the case of corn, there was an increase in domestic consumption to supply animal protein production, which saw growth in exports. This trend has been recorded over the past two decades at a rate of 14.3% per year.
Government Affirms That Everything Will Return to Normal Soon
In the case of soy and its derivatives, such as meal and oil, there was also an increase in external sales that gained momentum with the appreciation of the dollar.
“In light of these factors, it was prudent to seek a preventive measure to equalize the import conditions of third countries with Mercosur, strengthening the supply of the domestic market,” says the director of Marketing and Supply, Sílvio Farnese. It is important to emphasize, according to the director of Mapa, that there is no expectation of shortages of the products.
The objective is to promote an adjustment between the supply and demand of these products in the period leading up to the harvest of the 2020/2021 crop, which will begin early next year.
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