Export cuts, taxes on commodities flagged

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The story "Export cuts, taxes on commodities flagged" was covered 17 hours ago by Business Mirror, a news publisher based in Philippines.

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Export cuts, taxes on commodities flagged - Business Mirror

Quick Summary:

THE imposition of higher export taxes has increased prices and reduced the global supply of critical raw materials—a situation which the Organisation for Economic Co-operation and Development (OECD) said was caused by the decision of governments, including the Philippines, to raise state revenues.

Moreover, restrictions by one country often trigger similar actions by others—creating a cycle of rising prices and reduced global supply,” OECD said.

The inventory done by OECD included all countries accounting for at least 3 percent of global production of any raw material.