Brazil has officially scrapped import tariffs on Lebanese olive oil, a move expected to boost the Lebanese exports and enhance the product's competitiveness in a key international market.
In a statement released on Saturday, Lebanon’s Ministry of Agriculture announced that Brazilian authorities have decided to eliminate the 9% customs duty previously imposed on olive oil imports. "This decision presents a significant opportunity to strengthen our olive oil exports to the Brazilian market," the ministry said.
Quoting the Brazilian Supermarket Association (ABRAS), he noted that the tariff removal could lead to a price drop of up to 10% for olive oil sold in Brazil, potentially driving increased consumer demand.
The ministry also highlighted the strategic advantage for Lebanese producers, citing both the high quality of Lebanese olive oil and the strong presence of the Lebanese diaspora in Brazil as key factors that could help the product gain a stronger foothold in the market.
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