March 21, 2008

Delay in Japan's legislation approval may cost Australian beef exporters

Australian beef exporters are awaiting Japan's legislature, the Diet to extend the applied tariff rates on food items before its expiry by the end of the month.

The Japanese Diet is expected to approve legislation but failure to do so would cause the tariff to temporarily rise from 38.5 percent to 50 percent from 1 April.

The fluctuation of the Australian exchange rates and buyers' concerns on the progress of the import tariff discussions slowed beef trading with Japan this week.

In the Japanese wholesale market, Australian chilled beef prices fell marginally, as demand from end users were subdued this week.