Braskem (NYSE:BAK), a leading player in the Brazilian petrochemical industry, has informed shareholders and the market that the Foreign Trade Chamber (Camex) has approved an increase in import taxes on several resin products.
The tax rate will rise from 12.6% to 20%, effective for one year starting from its publication in the Brazilian Federal Official Gazette.
This adjustment is part of Camex's List of Temporary Tariff Increases and aims to address conjunctural trade imbalances affecting the sector.
The products impacted by the new tariff include essential resins such as polyethylene, polypropylene, and polyvinyl chloride.
These materials are fundamental to various industries, including packaging, automotive, and construction.
By adjusting the import tax, the measure seeks to bolster domestic production and enhance the competitiveness of Brazilian companies in the global market.
As of the time this report was compiled, Braskem's share price stood firm at $7.27, up over 5% in early trading.