EU Suspends Duties on Fertilizers to Ease Impact of Hormuz Crisis on ...
The suspension covers a quota tied to 2024 import volumes and excludes products from Russia and Belarus.
- The Council of the EU announced on Friday a one-year suspension of customs duties on nitrogen-based fertilizers, including urea and ammonia, to mitigate economic impacts from the Iran war.
- Global fertilizer prices have spiked following the near-total closure of the Strait of Hormuz, a shipping route along Iran's coast through which around one-third of global fertilizer trade passes.
- In 2024, the Council imported 6.7 million tonnes of nitrogen-based fertilizers, comprising 2 million tonnes of ammonia and 5.9 million tonnes of urea, with a "large volume" facing 5.5% to 6.5% tariff rates.
- The measure limits imports to 2024 MFN levels plus 20% of volumes from Russia and Belarus, though the Council stated the suspension will not apply to products imported directly from those countries.
- Farmers in Australia risk a harvest up to 40% smaller, while the Food and Agriculture Organization warned last month of a potential agrifood catastrophe as regions Across Asia face supply stress.
22 Articles
22 Articles
The European Union has temporarily lifted import duties on certain nitrogen fertilizers used in agricultural production in the EU for one year. These include urea and ammonia. According to the Council of the EU, the measure will not apply to products imported from Russia and Belarus.
According to forecasts and market analyses, the Iran war could significantly increase world fertilizer prices.
The Council of the European Union officially adopted on Thursday the one-year suspension of customs duties on certain fertilizers, with the aim of reducing costs for the agricultural sector and reducing EU dependence on Russia and Belarus. The measure, which affects certain nitrogenous fertilizers and raw materials such as urea and ammonia, will save around €60 million in import duties for farmers and the EU fertilizer industry, according to est…
EU Suspends Fertilizer Tariffs to Ease Impact of Hormuz Crisis
The Council of the European Union announced Friday that the bloc will temporarily suspend tariffs on key nitrogen-based fertilizers, including urea and ammonia, for one year in an effort to reduce the indirect economic fallout from the Iran war and disruptions in the Strait of Hormuz.
EU to suspend key fertilizer tariffs to ease Middle East crisis impact on farmers
The Council of the European Union (EU) announced on Friday a one-year suspension of customs duties on key nitrogen-based fertilizers such as urea and ammonia, aiming to alleviate the impact of the Iran war on EU farmers, reported Xinhua. The nearly complete closure of the Strait of Hormuz has disrupted about one-third of global fertilizer trade, driving up prices sharply. In April, the Food and Agriculture Organization of the United Nations warn…
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