- Steady growth of corn imports, 4.1 MMT in 2016.
- Barley imports fluctuate depending on local production, 751 TMT in 2016.
- No imports of corn co-products.
- Corn quality a concern but also very sensitive to price.
- Population: 40.4 million
- Population growth rate: 2.27%
- Urban %: 70.13%
- Urban growth rate: 2.77%
- GDP: $551.8 billion
- GDP growth: 4.11%
- GDP per capita: $14,259
- State-dominated economy with restrictions on imports and foreign investment.
- Oil and gas account for 60% of the budget revenue, 40% of GDP and 97% of export earnings.
- Fragile political and security situations.
Trade and Market Share Issues
- Argentina and Brazil combined corn market share is 80%. The U.S. comes as a remote third with only 17% market share (690 TMT of U.S. corn imports).
- The EU and the Black Sea are the main barley suppliers.
- Majority of imported corn is used for feed mixing on farm.
- More commercial feed millers are emerging, and they are less willing to pay premium for Argentine red corn.
- Imported corn is subject to 5% import duty and 9% VAT.
- 30% import duty and 9% VAT on corn co-products effective January 1, 2016.
- Collapsing oil prices lead to reinstating import duties (VAT rate increase from 7% to 9%).
Feed Grains In All Forms
Marketing Year Sep 2016/Jan 2017:View U.S. Export Data by Country
Equivalent U.S Exports 46,824,065 (MT) 33%
Value $2,203,813,147 58%
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