Import duties on soyabeans, meal and oil have been suspended in Brazil until the end of the year, Reuters reported the country’s agriculture ministry as saying on 19 April.
The move was made in a bid to halt inflation due to rising global commodities prices, according to Reuters.
Brazil’s Chamber of Foreign Commerce (Camex) had previously authorised the suspension of the import tax on soyabean until 15 January.
The Ministry of Agriculture said that when the previous exemption was announced, it expected external prices to stabilise and that the 2020/21 grain harvest would have sufficient production to rebalance supply and demand.
“However, international prices had an upward trend, putting even more pressure on domestic prices,” the ministry said. “Domestic prices continued to rise due to the strong external demand and the continued devaluation of the real against the dollar.”
