India is no longer a net exporter of corn in Asia
For the first time since 1999/2000, India’s corn imports equaled its exports in 2023/24 season, which will affect the country’s trade dynamics. The growth of demand from poultry farmers and ethanol producers prompted the country to import corn in the current season and in the new season 2024/25.
According to the US Department of Agriculture, the decline in global corn prices has made Indian corn less competitive. The country was the key exporter of corn to Vietnam, Nepal and Bangladesh, exporting 2.8 mln tons in 2022/23 season. However, in the first eight months of the current 2023/24 season, exports were down 86% year-on-year, forcing importing countries to switch to other sources. Domestic demand in India is expected to remain strong in the new 2024/25 season on the back of continued demand from ethanol producers and the feed sector.
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