The initiative ‘Law of bases and starting points for the freedom of Argentines’, by the president Javier Milei, could have a negative impact on imports of certain products to Peru. Furthermore, eventually, could affect the final price of some foods produced in our country, warned the Foreign Trade Research and Development Institute of the Lima Chamber of Commerce (Idexcam).
“This bill contemplates, among its provisions, the increase in the tax rate for some products in the agricultural sector, such as yellow corn and soybean oil,” commented the head of Idexcam, Óscar Quiñones.
It is important to specify that, in Peru, Corn is used by the poultry and pork sector as an input for the production of poultry and pork. For its part, soybean oil is used by the food industry; For this reason, Alicorp is one of the companies that imports this product the most.
Although the Argentine Government’s measures are intended to combat the economic crisis that its country is going through, they would have an impact on the import costs of these raw materials for the Peruvian food industry, said Quiñones.
“And, due to the imported volumes of these products from Argentina, “There will be no way in the short term to look for another supplier to avoid these impacts,” he stressed.
Precisely, the legislative proposal that has already been presented to the Argentine Chamber of Deputies proposes raising the tax rate on soybean oil exports from 31% to 33%.
Argentina is our main supplier of soybean oil
According to Idexcam statistics, Peru imported, between January and November 2023, a total of 409,911 tons of crude soybean oil. About, Argentina was the main supplier with 72% of the total volume of this product (295,697 tons); In this way, it leaves Bolivia far behind, with a share of 17% of the total imported (67,844 tons).
In that same period, Argentina It was an importer of 82% of hard yellow corn (2 million 600,135 tons of the 3 million 153,673 tons imported). For this product, the Milei Government has proposed that the tax rate be raised from 12% to 15%.
Source: Larepublica
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