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Import News
25-03-2024
According to a recent report from the United States Department of Agriculture's Foreign Agricultural Service (USDA FAS), Mexico is expected to significantly increase its corn imports in the upcoming 2024-2025 marketing year. The surge in imports comes as domestic corn demand continues to grow, driven by several key factors.
The USDA FAS forecasts that Mexico's corn imports will increase by 5% year-on-year, reaching 22 million metric tons. This growth is deemed necessary to meet Mexico's growing projections for starch and animal feed production demand.
It is worth noting that Mexico has become the world's second-largest grain importer, trailing only behind China. This trend is expected to persist as corn prices are relatively low compared to the previous year, stimulating purchases. Additionally, the increasing demand from livestock producers and processors is putting further pressure on domestic corn supply.
Mexico heavily relies on U.S. corn to meet its growing demand, as its domestic corn usage has more than doubled over the past decade. The United States is expected to remain the primary source of Mexico's corn imports, traditionally meeting over 85% of Mexico's demand.
While import volumes are expected to rise, Mexico's domestic corn production is also forecasted to increase in the upcoming marketing year. The USDA anticipates a 7% increase in production to 25 million metric tons, driven by expanded planting areas and reduced crop abandonment rates. This optimism stems from expectations of rainfall and humidity returning to average levels after a period of severe drought. Increased soil moisture may incentivize Mexican farmers to plant more corn, potentially alleviating import pressures.
It is noteworthy that Mexico is also exploring alternative solutions for importing U.S. corn for corn production. Mexican researchers are making progress in a project aimed at developing sufficient non-genetically modified seed varieties that can be grown in Mexico to replace a significant portion of the 18 million metric tons of corn imported from the United States.
If you wish to delve deeper into specific segments or regions within this dynamic market, please inquire with Tendata. We are happy to assist you in understanding the corn trade situation in segmented markets with comprehensive reports using corn trade data, elucidating the areas of interest to you. (>> Contact Tendata Now)
When you want to know which 6-digit, 8-digit subcategories of corn are available, you can search by HS code on the Tendata platform. We provide you with statistical data on trade volume, trade frequency, and other subcategories of corn in more detail. Below is an example displayed by Tendata for your reference. (For detailed information, please contact Tendata)
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