Egypt: New customs duty for corn imports to secure food supply
The customs duty applicable to corn imports, which is one of the main production inputs in the feed and starch sectors, has been redefined to be in effect until the end of the year. A presidential decree on the matter was published in the Official Gazette. In a statement from the Ministry of Trade, information regarding the implementation was provided. The ministry emphasized that it is taking necessary measures in coordination with relevant institutions and organizations by using all trade policy tools to prevent speculative pricing and ensure supply security for essential food products, while considering the welfare of both producers and consumers. It noted that corn is a significant production input in the food industry, particularly due to its use in poultry feed and the starch sector. The statement included the following remarks: “In the 2024 harvest, a significant decline is expected in both our country and globally due to adverse climate conditions, as well as regional and global developments. This matter is being closely monitored by our Ministry of Trade in consultation with the Ministry of Agriculture and Forestry. Therefore, in order to prevent the potential impact of supply issues for this product on food prices, a new regulation has been established by our Ministry of Trade, in agreement with the Ministry of Agriculture and Forestry, for the part of our country’s needs that cannot be met by domestic production until the end of the year. With this regulation, a 5% customs duty tariff quota has been opened for only 1 million tons of corn, ensuring that our corn-producing farmers are not harmed, balancing supply and demand, and protecting consumers from potential speculative price movements in the food sector. For imports exceeding 1 million tons during this period, a customs duty of 130% will continue to be applied.” The statement also emphasized that the Ministry of Trade will continue to closely monitor the supply, demand, and price levels in the market, in consultation with other institutions and organizations, and will implement necessary regulations in a timely manner. A communiqué on the matter has also been published in the Official Gazette.
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