With a weaker US dollar, and therefore a lower price for American maize, the import duty for maize, sorghum and rye in the European Union was updated, as of today, to €10.95 per tonne. This revised tariff, triggered by an automatic mechanism that calculates import duties, will avoid putting European producers at a disadvantage.
Published this morning in the Official Journal, the update is based on Regulation (EU) No 642/2010, which lays out how the 3 cereals' import duties should be obtained by calculating the difference between a European reference price and the US maize price.
This is the second tariff update for maize, sorghum and rye in August 2017. On 8 August, 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.
Import duties are now fixed from 1 September 2017, and will apply until a new figure is required and calculated by the automatic mechanism in place.
