November 29, 2017 / 9:36 PM / 2 years ago

Argentina biodiesel exports decline after U.S. tariffs imposed

BUENOS AIRES (Reuters) - Argentina’s biodiesel exports fell 30 percent in the third quarter of 2017 from the previous year to 353,034 tonnes, the government’s statistics agency said on Wednesday, indicating that new U.S. import tariffs have had a swift impact.

In late August, the U.S. 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 tonnes of the biofuel, representing growth of 26 percent from a year earlier.

The U.S. government ratified tariffs of up to 72 percent earlier this month. Argentina had sent 90 percent 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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