Bulgaria expects its maize exports to surge to a record of up to 550,000 tonnes for the 2004/05 season due to a bumper crop last year, the agriculture ministry said on Tuesday. The Balkan State exported 478,155 tonnes of maize from September through June 12 well above the export levels for whole seasons in the past 10 years, the ministry said in a report.
"Due to the highly competitive prices of Bulgarian maize we can expect exports to reach the record 530,000-550,000 tonnes for the 2004/05 season," the report said.
The Black Sea country almost doubled its maize production last year to 2.12 million tonnes from 1.16 million in 2003 due to favourable weather and timely subsidies to farmers. Under its 88,000-tonnes zero-tariff export quota to the European Union for the 2004/05 season, Bulgaria has exported maize mainly to Spain (49,100 t), Italy (16,160 t) and Cyprus (8,400 t).
Large maize exports also went to Tunisia (66,300 t), Syria (58,100 t) and Libya (51,700 t). The average export prices were between $103 and $116 per tonne, the lowest in the past six seasons. Sagging demand on global markets and low local ex-farm prices have pushed Bulgarian farmers to cut maize plantings this spring to 3.0 million hectares, from 3.86 million in 2004, the ministry said.
"The increased supplies of maize, boosted by the abundant 2004 crop, contributed to the lowest ex-farm prices for maize in the past 10 years-between 140 Levi ($85.37) and 150 Levi ($91.46) per tonne," the report said.
Bulgaria's zero-tariff import quota for European Union has been raised to 96,000 tonnes for the 2005/06 season.
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