Peruvian imports of U.S. corn skyrocketing
Staff Writer | May 26, 2017
Peruvian imports of U.S. corn continue skyrocketing, reaching 1.5 MMT ($251 million) during January-April 2017.
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The U.S-Peru Trade Promotion Agreement, implemented in 2009, is instrumental in driving demand for U.S. corn.
The agreement excludes U.S. corn from Peru’s variable levy that imposed on other suppliers such as Argentina.
Strong demand for U.S. corn from Peru’s expanding poultry sector is another factor behind this growth.
Peru’s imports of U.S. corn continue outperforming in 2017, reaching 1.5 MMT (January–April 2017).
The U.S. – Peru Trade Promotion Agreement (TPA), which entered into force in February 2009, has been instrumental for this astounding performance.
The agreement provisions include a duty free tariffrate quota for U.S. corn and a tariff phase out period of twelve years. In 2017, the quota was 796,924 MT, and it was filled in early March.
Peru grants duty free access to corn from all origins. However, it also imposes a variable levy under the Peruvian Price Band System.
Imported U.S. corn receives a trade preference since the variable levy cannot be applied to U.S. in-quota corn.
The levy can only be applied to U.S. out-of-quota corn imports, but not only to a level equal to Peru’s commitment under the agreement. In 2017, Peru’s TPA commitment for corn is 6.25 percent.
The variable levy in 2017 has ranged from $37 to $48 per metric ton. At current prices, out-of-quota U.S. corn can only be assessed $9 per MT compared to $48 per MT assessed on corn from other origins such as Argentina. ■ What to read next
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