Oct 29, 2014 - Argentina's biodiesel production grew 24.8% year-on-year to 1.8 million tonnes in the first nine months of 2014, driven by a 44.1% increase in exports amid lower export taxes, according to a recent report of local consultancy Investigaciones Economicas Sectoriales (IES).
Biodiesel exports recovered with the reduction of associated taxes in the middle of 2014 and reached 1.1 million tonnes until the end of September.
In terms of value, exports rose 29.4% to USD 922 million (EUR 723.7m). The main market for Argentine biodiesel was the UK, with 39.6% of the total, followed by Spain and Peru, with 30.5% and 16.2%, respectively.
Domestic biodiesel sales increased 2.7% to 681,100 tonnes and will continue to grow in the next months, as the elimination of local taxes improves competitiveness against imported diesel, IES said.
In full 2014, the local biodiesel industry is expected to reach an output and exports similar to the record levels of 2012, when Argentina was the leading biodiesel exporter worldwide.
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