Take a look at the top 10 corn-importing countries.
The U.S. Grains Council features a "chart of the week" to bring farmers various marketing insights. Last week’s chart showed where U.S. corn is exported, a topic of great interest, considering USDA reports U.S. corn exports have made up as much as 50% of total world exports in recent years. According to USDA, global corn trade is up 4.5 million metric tons to 102.1 million metric tons for 2013/14.
The top 10 corn-importing countries account for about two-thirds of global corn trade, or around 68 million tons. Japan leads the pack, importing around 15.1 million tons. Other countries of note include:
• South Korea – The second highest importer is a price-conscious buyer, willing to switch to feed wheat or other coarse grains, and typically buys corn from the cheapest source.
• Mexico – a growing importer, despite being a large corn producer. Mexico processes much of its production of white corn into human food products, but it is turning to imported yellow corn and sorghum for livestock feed in the wake of increased meat production.
In spite of growing competition from Ukraine and South America, the U.S. Grains Council reports that U.S. corn exports are poised to sustain and recover market share in Japan, Korea, Mexico, China, Taiwan and Colombia. U.S. share of world corn trade has fallen from its historic level between 50% and 60%to a low of 18% in 2012/13. USDA currently projects that U.S. share will rebound to 31% in 2013/14, but production in-roads from South America and Ukraine will make it difficult for the U.S. to regain all lost market share.
USDA has also reported in its 2013 10-year outlook that the U.S. stands to capture 85% of future worldwide demand growth.