LatinNews Daily - 21 May 2024

*Brazil’s chamber of foreign trade (Camex) has announced the elimination of tariffs on rice imports for the rest of 2024. The tariff suspension will be applied to three types of rice – two types of non-parboiled or raw rice and one type of polished rice. In a press release, Camex stated that this decision came at the request of the agriculture ministry to cope with the impact of severe flooding currently afflicting the state of Rio Grande do Sul. The flood-stricken state accounts for around 70% of Brazil’s national rice production, and the government is seeking to limit the impact that climate-related disruptions to agriculture will have on food prices. Camex also stated that most rice imports to Brazil come from the other member states of regional trade bloc Mercosur (Argentina, Paraguay, Uruguay, Bolivia), but the government expects the suspension of tariffs to facilitate rice imports from other countries, such as Thailand, which, as of April 2024, accounts for around 18% of total rice imports.