This week’s U.S. Grains Council Chart of the Week shows the corn supply and demand for Venezuela over the past 20 years. The chart demonstrates a dramatic increase in corn imports starting in 2006. Overall local corn production in Venezuela has been increasing, but has not kept up with demand.

As a result, Venezuelan corn imports have grown to 2.5 million metric tons (98.4 million bushels) with 60 percent supplied from the United States. The largest importer has been the government importing agency, which imported 49 percent of all corn imports in 2012. Despite abundant agricultural lands, Venezuela imports 70 percent of its cereal and 98 percent of its oilseed needs.

The Council has been engaged in Venezuela since the early 80s and continues to monitor the market.