BUENOS AIRES (AFP) – Argentina will rake in around $8 billion this year in soybean export duties, up from $6.3 billion last year, according to estimates released by the agriculture ministry.
"The export duty revenue from the 2010-2011 harvest will be around 8.04 billion dollars," the ministry said in an official statement on the government's website.
According to the statement, the country's growers are expected to harvest between 49.6 and 50.4 million tons of soybeans this year, significantly below the record 55 million tons harvested during the 2009-2010 season. The total value of this year's harvest is estimated at nearly 25 billion dollars.
The ministry cited a sharp increase in soybean prices for the reason that tax revenues went up, despite a decline in the amount of soybeans exported.
The country's complete 2010-2011 harvest for cereals, oilseeds and other crops, including soybeans, will add up to around 100.6 million tons, according to an official estimate released in March.
Argentina, one of the world's leading suppliers of food, is the top exporter of soybean oil and the third leading exporter of soybeans.
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