More than 60% of corn imported by the EU is Ukrainian

In 2023/24, the European Union will import 17.5 mln tonnes of corn from third countries, down 33% from 26.1 mln tonnes in the previous season.

The decrease is explained by several factors. Firstly, the EU grain production increased significantly this season and is estimated at 62.3 mln tonnes, up 17% from 53.1 mln tonnes in the previous season. Secondly, the ending stocks of corn in the EU are expected to decrease to 19.2 million tons by the end of 2023/24, which is 6% down from the previous year.

However, the estimate of the domestic consumption of the grain remains almost unchanged, amounting to 100.1 mln tonnes compared to 99.4 mln tonnes in 2022/23 (up 1%).

The European Commission also notes that the main part of corn imports this season comes from Ukraine. According to the agency, from July 1, 2023, to February 26, 2024, Ukraine imported more than 7.3 mln tonnes of the grain, which is 63.5% of the total imports for the period (11.5 mln tonnes).

Thus, as of the reporting date, the EU has already imported 66% of the forecasted volume of corn, with almost 42% of the import forecast for the season covered by Ukrainian products.

Tags: Ukraine, corn, EU