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EU Re-Introduces Maize Import Tariff With €5.48 Per Tonne Levy

Published on Aug 12 2020 10:50 AM in Supply Chain tagged: European Union / Maize

EU Re-Introduces Maize Import Tariff With €5.48 Per Tonne Levy

The European Union has re-introduced an import duty for maize (corn), setting a levy of €5.48 per tonne, the bloc announced in its official journal on Wednesday.

The tariff, effective as of Wednesday, will also apply to rye and sorghum imports.

The bloc in late April imposed an import duty after a slump in U.S. prices to a 10-year low linked to the coronavirus pandemic, ending an extended period of zero tariffs.

Levy Increase 

The bloc then raised the levy to as much as €10.40 before reducing it in stages back to zero as maize prices rebounded.

U.S. maize and ocean freight rates have slipped again in the past month, taking the cost of imported U.S. supplies below a regulatory price floor for 10 consecutive days.

The EU can adjust its tariff as its 10-day rolling average of import prices varies, and removes the duty once prices rise back above the price floor.

News by Reuters edited by Checkout. Click subscribe to sign up for the Checkout print edition.

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