Sustained low prices for maize worldwide and ample supply have led to a second update of import duties by the European Commission. The automatic mechanism calculating import duties was triggered on 27 April, setting the import duty on maize, sorghum and rye at € 5.27 per tonne. The new calculation has led to a revised duty at € 10.40 per tonne.
The revised tariff, published on 5 May 2020 in the Official Journal, is calculated according to EU regulation 642/2010. It explains that the import duty for the three cereals is based on the difference between a European reference price and the world benchmark for maize – the US price, calculated as cif maize price (i.e. cost, insurance and freight included) at the port of Rotterdam.
The collapse of oil prices has led to a drop in bioethanol fuel demand in the US as well as lower freight costs. In addition, a record maize harvest is expected for 2020/2021 at global level. The combination of these factors has resulted in a US cif market prices for maize at the port of Rotterdam at €146.63 per tonne.
- Publication date
- 6 May 2020
- Directorate-General for Agriculture and Rural Development