Supply/Demand Basics

  • U.S. corn co-products main competition is other alternative imported proteins; SBM & wheat.
  • Southeast Asia’s 2nd largest producer of corn (8.45 MMT) with about 60% yellow and 40% white.
  • Ethanol imports slumped to 44 million gallons in 2021 due to decreased gasoline demand.
  • Installed feed mill capacity of 18.5 MMT, with utilization rate of around 90%.

Country Overview

  • A complex archipelago with over 7,000 islands.
  • One of the fastest growing populations in Southeast Asia.

Trade and Market Share Overview

  • Imports significant amounts of feed and milling wheat.
  • Marginal corn importer, usually from South America, ASEAN, and occasionally from the United States.
  • Major U.S. ethanol importer (9th largest market in 2021).
  • ETOH imports often break bulk to Korea, which hides full import volume.
  • End users favour imported corn due to lower mycotoxin content.
  • U.S. DDGS are imported as an alternative to higher priced local corn.
  • Imports high volumes of meat products, decreasing feed demand

Policy Overview

  • All imports with GMO events must have biosafety certificate.
  • 10% ethanol blending mandate, with a planned push for E20.
  • 35% in quota duty and 50% out of quota for MFNs (mainly affecting U.S. corn).
  • Asian Economic Community (AEC) countries have a 0% corn import duty.