September 13, 2017
EU increases import duties for corn, sorghum, rye
The import duty for corn, sorghum and rye in the European Union was has been revised upward to €10.95 per tonne due to a weaker US dollar, and therefore a lower price for American corn.
This revised tariff, triggered by an automatic mechanism that calculates import duties, will avoid putting European producers at a disadvantage, according to the European Commission.
The new tariff, which was published on Sept. 1 in the Official Journal, was arrived at by calculating the difference between a European reference price and the US corn price.
This is the second tariff update for the three cereals in August. On August 8, the import duties went up to €5.16 per tonne due to a global record harvest expected for 2016/17, which resulted in a large supply of the cereal and lower prices in the global market.
According to the EC, Import duties are now fixed from Sept. 1, and will apply until a new figure is required and calculated by the automatic mechanism in place.