Dumping complaint threatens Argentina’s biodiesel exports

Updated 02 April 2017
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Dumping complaint threatens Argentina’s biodiesel exports

BUENOS AIRES: Argentina’s biodiesel exports could be devastated if the US government imposed anti-dumping duties on the country based on a complaint by the US National Biodiesel Board (NBB), the heads of two local industry chambers said.
The board last week asked the US government to impose anti-dumping duties on imports of biodiesel from Argentina and Indonesia after two years of tension between the US and foreign producers over soaring imports.
“If a sanction is applied against Argentina in the US market, our exports will no longer be viable. At this point, there is no alternative market,” Claudio Molina, executive director of the Argentine Biofuels Association said on Friday in an interview.
The US is Argentina’s No.1 biodiesel export market and US sanctions would hit large exporters such as Cargill, Bunge, Louis Dreyfus and COFCO Agri, part of China’s state-run COFCO Group
Argentine biodiesel exports to its previous No. 1 client, the EU, were suspended due to complaints and counter claims pending before the World Trade Organization (WTO). Peru, another buyer of Argentine biodiesel, has also placed tariffs on Argentine biodiesel based on dumping complaints.
The Argentine market, where biodiesel is mixed with diesel fuel, is not nearly big enough to absorb the excess should exports to the US be blocked. Of the 1.6 million tons of biodiesel that Argentina exported in 2016, 90 percent went to the US, according to Energy Ministry data.
A hearing will be held in the US next month to evaluate the NBB’s request, Molina said
Argentina taxes biodiesel at a variable rate, at 6 percent this month. But producers pay significantly less for soy oil, the main ingredient of biodiesel, than international competitors because they do not have to pay a 27 percent tax on exports. Local industry representatives say Argentina has an added advantage because its soy fields and crushing plants are located near the country’s ports.
“We have much more access to raw materials and we are more oriented toward exporting than the US is,” said Victor Castro, executive director of the Argentine Biofuels Chamber (ABC).
“The system (for resolving dumping complaints) is so bureaucratic and it takes so long that it can leave you out of the market for years without a ruling,” Castro added.
The WTO ruled last year in favor of several claims by Argentina against anti-dumping duties imposed by the EU but the adjudication continues and the duties remain.


Disney again makes history with takings above $7bn for 2018

Updated 11 December 2018
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Disney again makes history with takings above $7bn for 2018

  • Box office gross marks second biggest year for Disney
  • Latest offering "Mary Poppins Returns" expected to dominate box office

LOS ANGELES: Walt Disney Studios is again ending the year on a high note, posting more than $7 billion in global box office earnings, thanks to hits such as "Black Panther" and "Avengers: Infinity War."
"This is only the second time in history any studio has surpassed the $7 billion mark, after Disney's own industry-record 2016 global gross of $7.6 billion," the company said in a statement on Monday.
"The Studios' estimated international box office gross through December 9 is an estimated $4.069 billion, marking our second biggest year and the third biggest in industry history," it added.
Disney's success comes as the studio is set to release "Mary Poppins Returns" on December 19, which is expected to top the box office during the holiday season.
"To date, four of the top eight worldwide releases of the year are from The Walt Disney Studios, including the top two global and top three domestic releases," the company said.
"Avengers: Infinity War," made by Disney's Marvel subsidiary, led the way, earning $2 billion alone. It is followed by superhero movie "Black Panther," which earned $1.35 billion worldwide.
"Incredibles 2," made by Pixar, another Disney subsidiary, earned $1.24 billion.
Other top box office earners for 2018 are "Ant-Man and The Wasp," "Solo: A Star Wars Story," and "Ralph Breaks the Internet," which has held the number one spot at the North American box office for the third consecutive week.