Argentina cuts soy import barriers to grow derivatives exports

lunes 18 de enero de 2016 14:39 GYT

BUENOS AIRES Jan 18 (Reuters) - Argentina has lowered soybean import barriers, the government said on Monday, in a move aimed at increasing exports of soymeal livestock feed and soyoil at a time when processing plants in the country have an idle capacity of 30 percent.

The decision was the latest free-market reform brought by President Mauricio Macri, who was elected in November on promises of revitalizing the ailing economy.

The previous government had put up bureaucratic barriers to imports from neighboring soybean producing countries like Paraguay and Brazil. The policy affected global exporters like Bunge and Cargill, which operate in the region.

"When the result is exportable soyoil, soymeal or pellets (processed livestock feed), soybean imports will not have to be registered with the Register of authorized Soy Operators (ROSA)," said a resolution published by the government.

Argentina is the world's top exporter of soyoil and soymeal, and its No. 3 supplier of soybeans. (Reporting by Maximiliano Rizzi; Editing by Meredith Mazzilli)