Exporters accelerated sales
After the reduction of taxes, exporters accelerated the registration of sales to export SB, SBM and SBO. Between Tuesday and yesterday, they declared sales abroad for merchandise valued at US $ 587.9 million and anticipated the payment of taxes for US $ 164.7 million, according to data from the Rosario Stock Exchange (BCRA).
Last Thursday, the government reduced the Taxes on SB from 33% to 30% in a scheme that will return to 33% next January. Meanwhile, for SBM and SBO, they are now reduced from 33 to 28% to remain at a permanent 31% as from January 2021. In this context, what we are seeing is more business from exporters, rather than producers, which take advantage of the tariff difference.
SBM exports reached 28,859,920 tons in the last agricultural cycle and were for US $ 8,731.3 million. SBO gave a grand total of 5.1 million tons for US $ 3,342.5 million. Meanwhile, 10.2 million tons of SB were sold abroad for US $ 3,443.8 million, according to data from the Rosario Stock Exchange (BCR).
At this time of year, the level of sales for by-products is higher than ofr grain.
Last Friday, the day after the duty reduction was made official, exporters declared 49,500 tons of SBM and 12,823 tons of SBO.
Meanwhile, since last Tuesday they added 222,480 tons of SBO, according to data from exporters.
On the side of SBM, exporters declared sales abroad since last Tuesday for 990,250 tons.
Exporters note that the reduction in duties brought an improvement in the price of beans for producers of about US $ 8 since last Friday.
“The records of DJVE (Affidavits of Foreign Sales) and the best prices for producers are a reflection of the reduction in rights for SB and SBM,” said Gustavo Idígoras, president of the Chamber of the Oil Industry and the Cereal Exporters Center (Ciara CEC).
In this context, after the government’s measures, it is worth remembering that the Argentine Agroindustrial Council (CAA) in recent days requested “clear incentives” for producers so that they can produce more.
“It is essential that the agricultural producer have clear incentives to produce more, for which it is necessary to work on a scheme to reduce the high burden of national, provincial and municipal taxes, as well as the need to improve competitiveness and promote investment with export vision, “said the CAA.
According to the CAA, “the measures of the national government should empower regional economies, including both primary production and agribusiness, thus promoting the sector as the engine of the recovery of the national economy.”
WBL Shipping Agency
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