The import duties on corn and sorghum is reduced by 10 times
The European Union has decided to reduce the import duty for such crops as corn and sorghum by 10 times. Earlier, this duty was 5.61 euros per ton, now this duty is 0.56 euro per ton.
Such information was provided by the AgriCensus portal.
The report said that the main reason for the increase in price was the rise of the cost of American corn.
The European Union calculations of import duty are based on the actual price of this product in America, the cost of shipping the goods in Rotterdam, and on the euro’s exchange rate against US dollar.
It should be recalled that this duty was introduced in August 2017, then in September this duty was doubled and it amounted to 10.95 euros per ton, and in October it was again 5.61 euros per ton.
According to the new rules introduced by the European Commission, the import tax on corn and sorghum in the EU has been reduced by 10 times. Previously, the tax was 5 euros per ton, but now it has been reduced to 0.5 euros per ton. This may have a positive impact on the export of these crops from producing countries such as Ukraine, Kazakhstan, and Russia. However, it may also lead to increased competition in global markets and a decrease in prices for corn and sorghum. This could have a negative impact on the economic situation of the agricultural sector in some countries, but it could also lead to an increase in export volume and overall productivity.