The country’s corn imports in marketing year 2022-2023 may nearly triple to 1.7 million metric tons as lower tariffs will spur corn purchases, an international agency said.
Under the EO, corn imports within the minimum access volume or in-quota shall be slapped with a 5 percent tariff while the out-quota volume will be levied with a 15-percent tariff rate. The country’s corn MAV is at 216,940 MT. The USDA-FAS Manila projected that corn feed consumption in the current market year, which started last July and ends in June next year, would rise by 10.29 percent to 7.5 MMT from the previous market year’s 6.8 MMT due to higher broiler output.
The USDA-FAS Manila said the country’s sorghum imports would double year-on-year to 50,000 MT on the back of “strong first month trade data.”
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