Ukraine: imposition of the export duties on soybeans to cause inexpedience of its production
Possible imposition of the export duties on soybeans will cause reduction of the oilseed prices on the domestic market, which in turn will reduce the interest of agricultural producers in production of the oilseed, declared Viktor Timchenko, President of Ukrainian Association of Soybean Producers and Processors. The expert commented the draft law #4693, which proposed to impose the export duties on soybeans at the level of 15% of the customs commodity cost.
According to him, to date the price for soybeans in Ukraine is quite high - 6100-6200 UAH/t, which is attractive for agrarians. The general export volume totals 1.5 mln tonnes of the oilseed per year, including 700-800 thsd tonnes supplied to Europe. For two consecutive years the foreign exchange revenues from selling of soybeans total nearly 750-800 mln USD. In terms of increasing of the export price, the demand for soybeans will fall, leading to its noncompetitiveness on the global market.
Also, it is forecasted the general reduction of soybean purchases by one of its major importers - China. The country already refused to import 500 thsd tonnes of US soybeans at the sum of over 300 mln USD. Therefore, the soybean volumes refused by China, will come on the international market, which will lead to falling of the oilseed prices, added V.Timchenko.
At the same time, the expert noted that the planted areas under soybeans in Ukraine will increase to 1.6 mln ha in 2014, as opposed to 1.35 mln ha in 2013, and the general harvest - to 3.2 mln tonnes, against 2.76 mln tonnes.
You can become acquainted with more detailed information about the prospects of Ukrainian soybeans not only on the domestic but also on the global market, by taking part in the second international conference "Ukrainian soybean market - 2014", to be held on June 18-19, 2014, in Odessa, Ukraine.
You can find more detailed information about the conference here.
Organizational committee provides more detailed information on conditions of participation in conference, sponsorship, or making a presentation:
+380 562 320-795 ext.164, +7 495 789-44-19 Inna Chernenko
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