November 17, 2010

Taiwan lowers tariffs on corn, soy powder

Taiwan's Ministry of Finance (MOF) has decided to cut the tariffs on agricultural products such as corn powder and soy powder.

Taiwan's importers of raw materials as sugar, butter, corn powder and soy powder as well as the manufacturers who rely heavily on such materials recently urged the government to lower the import duties on said materials.

Global prices of agricultural products have risen up due to disastrous storms, floods and unfavourable precipitation that have brought poor harvests in many key growing areas worldwide.

In October, the international price of wheat climbed an annual 45.1% and that of other cereals also rose by similar percentages. To help with the operating cost of the livestock industry, the MOF has lowered the duties on corn and soy powders for six months too, with the former cut to 3% from 6% and the latter to 1.5% from 3%.