- Steady growth of corn imports, 4 MMT in 2017.
- Barley imports fluctuate depending on local production with1 MMT imported in 2017 and 900 TMT of barley were imported in 2017.
- No imports of corn co-products.
- Corn quality a concern but buyers are also very sensitive to price.
- Population / growth: 42 million / 1.67%
- Urban % / growth: 73% / 2.27%
- GDP / growth (PPP): $158.08 billion / 1.4
- GDP per capita (PPP): $13,974
- State-dominated economy with restrictions on imports and foreign investment.
- Oil and gas account for roughly 60% of the budget revenue, 30% of GDP and over 95% of export earnings.
- Fragile political and security situations.
Trade and Market Share Issues
- Argentina and Brazil combined corn market share is 90%. The U.S. comes with only 2% market share (90 TMT of U.S. corn imports in 2017).
- 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 corn.
- Imported corn is subject to 5% import duty and 0% VAT.
- 30% import duty and 0% VAT on corn co-products effective Jan. 1, 2018.
- The government has suspended all import licenses, effective as of Jan. 1, 2018.