The world of corn exports is a bustling one, with the number of countries involved in the process of exporting corn growing every year. Corn is a key part of the global food system, with countries all over the world relying on the crop for food production, feed production, and even for biofuel. To gain an understanding of the current state of corn exports around the world, let’s take a look at some of the key insights and trends.
Who Are the Top Corn Exporters?
The United States is the world’s biggest corn exporter, accounting for nearly a third of all global exports in 2021, according to the US Department of Agriculture (USDA). In 2022, the US was again the world’s leading corn exporter, with a total export value of $18.61 billion USD and a volume of 58 million metric tons. Mexico, China, Japan, Vietnam, and South Korea were the American Corn Exporters’ top buyers in 2020, accounting for 66 percent of total exports.
In addition to the United States, Brazil and Argentina are also major corn exporters. The USDA predicts that in the 2022/2023 marketing year, Brazil and the United States will be tied for the top corn exporters worldwide, each exporting an estimated 51 million metric tons. Argentina recorded an export value of $9.1 billion USD in 2021 and was the second largest exporter of corn in the world.
Key Regional Trends in Corn Exports
Europe is a major importer of corn. In 2021, the EU imported around 4.9 million metric tons of corn from outside the EU countries and exported over 7 million metric tons of corn to non-EU countries. Hungary accounted for the majority of Europe’s sweet corn exports in 2021, with a share of 46 percent. France followed, with a 26 percent share of total exports, while Spain and Russia accounted for 8.5 percent and 6.2 percent respectively.
In the Middle East and North Africa region, Egypt continues to be a major exporter of sweet corn – the country exported around 472 tons of it in 2021. The main destination for Egyptian preserved sweet corn exports was the US, with a 67 percent share of total exports.
The Global Outlook for Corn Exports
According to the USDA, the market value of corn exports from the United States increased by 20 percent in 2020, reaching a total of $9.2 billion USD. This spike was driven in part by strong demand for animal feed in China, and was also boosted by the Chinese government’s implementation of the Phase One trade agreement.
Looking ahead, the USDA projects a compound average growth rate for corn exports of 11.3 percent from 2013-2022. Meanwhile, the global market for corn-based ingredients is expected to see a CAGR of 5.3 percent from 2023 to 2028. The demand for corn-based food products in emerging markets will be the main driving force behind this projected growth.
Conclusion
Corn is a vital crop around the world, and its exports are rapidly increasing every year. The United States is currently the biggest exporter, but Brazil and Argentina are also major players in the global corn market. Europe is the leading importing region, while the Middle East and North Africa region accounts for a large portion of exports to the US. Looking ahead, the USDA predicts a compound average growth rate of 11.3 percent for US corn exports from 2013-2022, and a global CAGR of 5.3 percent from 2023 to 2028 for corn-based ingredients.