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Brazil

China to probe Brazilian chicken imports

chicken imports

BEIJING/SAO PAULO: China has launched an antidumping investigation into imports of Brazilian broiler chicken in another blow for the South American country’s meat industry and threatening more than $1bn of exports annually. The investigation comes after a complaint from China’s domestic industry that Brazil, its top chicken supplier, has been selling its broilers below market value. Any move to penalise ... Read More »

Brazil’s grain exports from northern ports rise to 24%

employement rises

SAO PAULO: Brazilian grain farmers are relying on northern ports more than ever to ship a bumper grain crop to global export markets, according to the Agriculture Ministry on Thursday. Whereas Santos is still the main port in Brazil, the so-called Northern Arch ports accounted for almost 24 percent of the country’s soybeans and corn exports in the first seven ... Read More »

Brazil’s 2017 soy exports up

soybean

RIO DE JANEIRO: Brazil’s soy exports so far this year have already outstripped last year’s total, according to official figures released on Monday. Through mid-August, the world’s top soy exporter shipped some 53.37 million tons of the grain aboard, topping 2016’s total of 51.58 million tons, the Agriculture Ministry reported. The increase follows a bumper crop of 114 million tons ... Read More »

Neymar offers to pay £1.9 million fine to Brazil tax authorities

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BRASILIA: Brazilian football star Neymar is willing to pay a fine of £1.9 million to settle tax evasion allegations in his country, his lawyer said Friday. The 25-year-old wants to leave the fight with Brazilian authorities behind him as he prepares for a new professional life with Paris Saint-Germain after his record $261 million (222 million euro) transfer buyout from ... Read More »

Brazil, Argentina agree on key tax treaty changes

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BRASILIA: Brazil and Argentina signed a tax treaty July 21, making some important modifications to the countries’ existing agreement. The tax treaty, which is not yet in force, will probably require additional evaluation by the taxpayers from both countries. The new Brazil-Argentina agreement, signed during a regional meeting of Argentina, Brazil, Paraguay, and Uruguay, introduces new maximum withholding tax rates ... Read More »

Brazilian BRF seeks clarification on import ban

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BRASILIA: Brazilian firm BRF S.A., one of the world’s top poultry exporters, is asking the Philippine government to clarify its decision to stop accepting shipments from three of its accredited meat-packing plants. “As one of the biggest poultry exporters in the world, BRF takes product safety and quality very seriously. BRF understands that three of our plants were temporarily suspended ... Read More »

Brazil central bank chief says economy weak but recovering

brazil central

SAO PAULO: Brazilian Central Bank President Ilan Goldfajn said on Thursday that Latin America’s largest economy remains weak though it is on course to show modest growth next year. In an interview with a São Paulo radio station, he said Brazil may achieve growth of 2 percent in 2018 if the economy continues expanding at its current pace. He also ... Read More »

Sugar jumps as Brazil lowers tax on Ethanol

sugar

BRASILIA: Sugar futures rose to their highest level in two months Monday with news out of Brazil that traders anticipate will lead cane producers there to convert a smaller percentage of cane to sugar. Raw sugar for October was up 3.9% at 14.93 cents a pound on the ICE Futures U.S. exchange, on track for its highest close since May ... Read More »

Brazil to cut ethanol tax by 8.55 centavos per liter

ETHANOL

BRASILIA: The Brazilian government decided on Friday to reduce a federal tax on ethanol known as PIS/Cofins by 8.55 centavos per liter, according to a source with direct knowledge of the matter. The government increased PIS/Cofins on July 20 for gasoline, diesel and ethanol in a measure to increase revenues and try to cut a large fiscal deficit. But the ... Read More »

Neymar cleared of tax evasion charges in Brazil

Neymar Jr. Brazil

BARCELONA: Barcelona star Neymar has been cleared of tax evasion charges in his native Brazil, according to his father. Neymar Snr said the decision proved there was ‘justice in our country’ and demanded that the 25-year-old player and his family be left in peace. The forward was fined £50.7million last year for failing to properly report earnings on his contracts ... Read More »

No timeline to restore beef imports from Brazil: U.S

Brazil suspends five meat exports from five plants to the U.S.

WASHINGTON: Brazil needs to make progress on inspections before any timeline can be set to end a U.S. ban on imports of fresh Brazilian beef, the U.S. agriculture secretary said on Monday. Agriculture Secretary Sonny Perdue and his Brazilian counterpart Blairo Maggi met in Washington, D.C., on Monday to discuss the ban that went into effect on June 22. The ... Read More »

Philippines put no blanket ban on Brazilian meat imports

MEATSTOLEN

MANILA: The Philippines is not contemplating a blanket ban on meat importations from Brazil despite the salmonella outbreak in that country, because it has identified the single supplier that was the source of the tainted meat, the Agriculture department said. “We have discussed this and the salmonella tainted meat actually came from just one supplier so we will ban that ... Read More »

Brazil’s customs regime renewal raises concern for oil companies

Brazil Customs

RIO DE JANEIRO: With only two months left to the 14th licensing round for areas offshore Brazil, oil companies await renewal of one of the country’s most important investment incentives. Known as Repetro, the special customs regime issued by Brazil’s energy ministry applies to the export and import of goods used in the exploration and drilling for oil and gas ... Read More »

Brazil’s steel sheet imports three years high in June

roll steel

BRASILIA: Brazilian imports of carbon steel sheet in June jumped 225.9% to 51,186 mt from 15,706 mt a year earlier, data from the foreign trade ministry (MDIC) showed. Hot-rolled coil imports totaled 3,809 mt, down 59% from 9,290 mt imported in the same month a year ago. Imports of cold-rolled coil climbed 538.8% to 27,543 mt from 4,325 mt in ... Read More »

Arab region imports dairy products worth $15m from Brazil

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BRASILIA: The Arab-Brazilian Chamber of Commerce (ABCC) revealed that the Arab region is the second largest importer of Brazilian dairy products after South America, and successfully imported over $15 million worth of product during the first five months of 2017. Dairy companies affiliated with Viva Lácteos – Associação Brasileira de Laticínios earned 30 per cent of their total export revenues ... Read More »

Brazil’s rebar exports drop 30.5% over year to 42,536mt in June

down pct

BRASILIA: Exports of rebar in Brazil fell 30.5% in June to a volume of 42,536 metric ton, trade ministry data showed. In June 2016, exports of these goods reached 61,231 metric ton. In monetary terms, exports in the month retracted 27.65% to $20.38 million FOB. Last year, the value of exports totaled $28.17 million FOB. Rebar imports, on the contrary, ... Read More »

Brazil ethanol exports surge in June: SECEX

Brazil exports 74.4m liters of ethanol to China in September

BRASILIA: Brazilian ethanol exports in June reached 160.1 million liters, almost double May volumes but down 38% from a year ago, data from the secretariat of foreign trade (SECEX) showed. The FOB price declared by shippers to customs was on average $538.10/cu m, down 3% from May but up 23% from a year ago. Platts assessed FOB Santos anhydrous ethanol ... Read More »

Brazil trade surplus widens in June

trade-surplus

BRASILIA: Brazil posted a USD 7.2 billion trade surplus in June of 2017, higher than a USD 3.9 billion surplus a year earlier and above market expectations of USD 6.9 billion. In the first six months of the year, trade surplus widened by 53.1 percent to USD 36.2 billion, as exports went up 19.3 percent and imports rose at a ... Read More »

Brazil growth outlook worsens: ETFs in focus

ECO GROWTH

RIO De JANEIRO: Brazil’s Finance Minister Henrique Meirelles expects a lower economic growth rate for 2017. He expects the GDP to grow 2% year over year in the fourth quarter compared with the earlier estimate of 2.7%. Therefore, the full year average is expected to be slightly less than 2%. Meirelles stated that the lowered outlook is because of the ... Read More »

Brazil cuts inflation target for first time in over a decade

inflation

BRASILIA: Brazil’s government on Thursday lowered its annual inflation target for the first time in more than a decade, seeking to turn the page on recent double-digit jumps in consumer prices and bolster investors’ confidence about future economic stability. The National Monetary Council, comprised of heads of the finance and planning ministries and the central bank, cut the inflation target ... Read More »