On October 7, 2024, the Government of the Dominican Republic announced a proposed a tax reform bill that could have significant implications for U.S. agricultural exports, particularly in the pork, beef, and beverage sectors. The proposal has sparked considerable public opposition and protests. Key changes include a shift to an 18 percent Value Added Tax (VAT) on most consumer-oriented products and selective taxes on alcoholic beverages will increase, leading to an estimated 17 percent rise in retail prices, while a new tax on "sugary" non-alcoholic beverages could raise prices by 11 percent.
Total Saudi wheat imports for 2024/25 are forecast to reach 4.25 MMT, an increase of 2 percent over marketing year (MY) 2023/24. Saudi barley imports for MY2024/25 are projected to increase by 4 percent to 2 MMT. Saudi MY2024/25 total corn imports are projected to decline by 5 percent to 4.5 MMT from a record import level of 4.74 MMT recorded in MY2023/24. U.S. rice exports to Saudi Arabia since January through August 2024 reached 66,683 MT, an increase of 22 percent compared 54,491 MT imported in the same period last year. There were no significant changes to the Saudi rice trade since Post's March 2024 report.
Growth in the agricultural sector slowed in the first nine months of 2024 due to extreme weather, particularly Typhoon Yagi, which severely affected crop cultivation and livestock farming. However, the livestock and aquaculture sectors continue to grow due to economic recovery and high export demand which has led to higher demand for feed. With global corn and wheat prices remaining low, Vietnam has increased imports of feed ingredients. Vietnam importers are looking for lower cost supplies and diversifying sources of feed ingredients. Rice production area is declining due to shifts to other farm activities, urbanization, and climate change impacts. Changes in import-export policies in various nations, along with the Government's new policy on rice land, are expected to affect rice production, trade, and consumption.
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