Brazil’s Northeastern corn exports soar, outpacing national growth

Brazil’s corn exports from Northeast-based ports surged by 323% in value (from US$ 89.8 million to US$ 379.8 million) and 310% in volume (from 317.3 thousand to 1.3 billion tonnes) in the first five months of the year. This growth is above the national average. Currently, Bahia, Maranhão, and Piauí are the largest exporters in the region. The biggest buyers are Algeria (US$ 52.3 million), Colombia (US$ 45.5 million), and South Korea (US$ 44.8 million). These numbers were first disclosed in a publication by the Office for Economic Studies of the Northeast (Etene), a research institution of Banco do Nordeste.

“The strong demand, attractive international prices, record harvest, the natural vocation of the region, as well as improvements in logistics, explain these growing numbers,” says Etene researcher Jackson Coelho. He also stressed the good infrastructure and strategic location of northeastern ports. According to him, predictions indicate growth in production, consumption, trade, and global end stocks, as well as Brazilian (11.1%) and northeastern (8.6%) production. Brazil is the third-largest producer and the world’s largest exporter of corn. Currently, prices are low across the country.

The chart below shows the participation share of Brazilian ports in the long-haul trade of corn between January and July 2023. The data is from the DataLiner maritime intelligence service.

Corn exports from long-haul maritime ports | 2023 | WTMT

Source: DataLiner (click here to request a demo)

Banco do Nordeste’s financing for corn production has already reached R$ 1.4 billion in 2023, distributed across 7,208 credit operations. According to Luiz Sérgio Farias Machado, the Superintendent of Agribusiness and Rural Microfinance, promoting corn production paves the way for other productive chains and reduces production costs. “This also increases the possibility of offering higher value-added products from these chains, with more accessible prices for the population,” he says.

Source: FAJAXU

To access the original nees text, click on: https://www.faxaju.com.br/economia/exportacoes-ne-de-milho-triplicam-em-valor-e-superam-niveis-nacionais/

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