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China: New grain tariffs in 2008
Tariffs between 5 and 25% on grain exports are to be
imposed in China during 2008, according to the Finance Ministry in a statement
last week.
This
represents the latest move to discourage exporting grain abroad as domestic good
prices soar.
Importers of Chinese grains,
however, may be forced to source supplies elsewhere in countries such as the US,
Brazil and Argentina.
As of Wednesday, tariffs of 20% will be placed
on exports of wheat, buckwheat, barley and oats. A 25% tariff will be applied to
wheat flour and starch exports.
For exports of corn, rice,
soybeans, sorghum and millet a lower tariff of 5% is to be imposed.
Exports of corn and wheat were
suspended in mid-2007 amid fears that domestic grain output would not cover
domestic consumption.
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