Argentina biodiesel exports decline after US tariffs imposed
BUENOS AIRES (Reuters) — Argentina's biodiesel exports fell 30% in the third quarter of 2017 from the previous year to 353,034 t, the government's statistics agency said on Wednesday, indicating that new US import tariffs have had a swift impact.
In late August, the US Commerce Department imposed countervailing duties on soy-based biodiesel, prompting the local Argentine industry to say they had been priced out of their top market.
In the first half of the year, companies that produce biodiesel in Argentina, including multinationals like Cargill and Bunge, exported 741,485 t of the biofuel, representing growth of 26% from a year earlier.
The US government ratified tariffs of up to 72% earlier this month. Argentina had sent 90% of its biodiesel exports to the United States and is now hoping a reopened European market can offset the loss.
Reporting by Maximilian Heath; Writing by Caroline Stauffer, Editing by Rosalba O'Brien
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