Canada Markets open in 48 mins
  • S&P/TSX

    20,197.61
    +15.69 (+0.08%)
     
  • S&P 500

    3,901.36
    +0.57 (+0.01%)
     
  • DOW

    31,261.90
    +8.77 (+0.03%)
     
  • CAD/USD

    0.7790
    -0.0009 (-0.1207%)
     
  • CRUDE OIL

    110.35
    +0.46 (+0.42%)
     
  • BTC-CAD

    37,401.05
    -1,710.58 (-4.37%)
     
  • CMC Crypto 200

    650.34
    -23.03 (-3.42%)
     
  • GOLD FUTURES

    1,845.10
    +3.90 (+0.21%)
     
  • RUSSELL 2000

    1,773.27
    -2.96 (-0.17%)
     
  • 10-Yr Bond

    2.7870
    -0.0680 (-2.38%)
     
  • NASDAQ futures

    11,838.00
    -40.25 (-0.34%)
     
  • VOLATILITY

    29.43
    +0.08 (+0.27%)
     
  • FTSE

    7,389.98
    +87.24 (+1.19%)
     
  • NIKKEI 225

    26,739.03
    +336.19 (+1.27%)
     
  • CAD/EUR

    0.7372
    +0.0007 (+0.10%)
     

UPDATE 2-Brazil orange juice producer Cutrale suspends US exports-report

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Adds industry group CitrusBR)

By Tatiana Bautzer

SAO PAULO, Nov 22 (Reuters) - Brazilian orange juice producer Cutrale has suspended exports of orange juice concentrate from Brazil to the United States, Brazilian newspaper Valor Economico reported on Monday, as a new tax on exports has eroded its profits.

The Brazilian tax on exported juice concentrate has impacted the profit margins for shipments from Brazil, the world's largest orange juice exporter. Cutrale, which supplies Coca-Cola orange juice brands such as Minute Maid and Simply Orange, is looking to export from Mexico, the paper said, citing unnamed sources.

Cutrale, which usually ships about half its Brazilian orange juice exports to the United States, declined to comment on the report.

Ibiapaba Netto, director at industry group Citrus BR, said the group is trying to revert the new tax on orange juice imports, created in 2019 by an internal discussion within Brazil's internal revenue service.

There is a bill that could reverse the tax being analyzed in Congress and the group is also trying to question the tax in administrative proceedings. (Reporting by Tatiana Bautzer, Editing by Louise Heavens and Bernadette Baum)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting