EU to reduce corn imports from third countries

According to the latest forecasts of the European Commission, corn imports from third countries to EU countries are expected to decrease in 2023/24. Thus, imports will amount to 17.5 million tons, which is 33% less than in the previous season (26.1 million tons).

This decrease is explained by several factors. First, EU cereal production has increased significantly in the current season and is estimated at around 62.3 million tons, 17% more than in the previous season (53.1 million tons). Secondly, EU corn ending balances are expected to decline to 19.2 million tons by the end of 2023/24, down 6% from the previous year’s figure.

However, the estimate of domestic consumption of the cereal remains largely unchanged at 100.1 million tons, compared to 99.4 million tons in 2022/23 (up 1%).

The European Commission also notes that the bulk of this season’s corn imports come from Ukraine. According to the European Commission, between July 1, 2023 and February 26, 2024, more than 7.3 million tons of the cereal were imported from Ukraine, representing 63.5% of total imports during this period (11.5 million tons).

Thus, by the reporting date, the EU had already imported 66% of the projected corn volume, with Ukrainian corn accounting for almost 42% of the import forecast for the season.

Tags: Ukraine, corn, EU