Brazil: Biofuels Annual

  |   Attaché Report (GAIN)   |   BR2022-0047

Total Brazilian ethanol production for 2022 is estimated at 31.66 billion liters, an increase of six percent relative to 2021 due to the expected increase in sugarcane production and the steady increase in corn ethanol production. In June 2022, the Brazilian government approved Complementary Bill # 194, capping the state tax for circulation of goods and services (ICMS) on fuels at 17 -18 percent and reduced other taxes on gasoline and ethanol to zero to control escalated fuel prices. No tariff-rate quota (TRQ) and import duty are currently applied to ethanol imports to Brazil. The biodiesel blend has been set at ten percent since November 2021 to control escalated costs associated to feedstock prices. RenovaBio, Brazil’s National Biofuels Policy, picked up momentum once Brazil’s B3 stock exchange started trading CBios in April 2020. CBio average prices in 2022 (January - August) ranged from R$50 to R$196/mt of carbon or about US$9.77 to US$38.28/mt of carbon with the current exchange rate.

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