Brazil's corn imports in March up 37.8% on year: customs data

New Delhi — Brazil imported 73,944.7 mt of corn in March, up 37.8% year-on-year, according to the country's customs data.

In February, the country imported 87,551 mt of corn, the data showed. Corn imports into the country decreased from February following the harvest of first corn crop.

In January-March Brazil imported 357,674.2 mt of corn, the highest for the three months since 2017 and up from 138,192.7 mt during the same period last year.

Although Brazil is one of the largest producers and exporters of corn in the world, the location of major consuming industry makes the transport of corn from the key growing regions expensive, leading to imports from neighboring countries such as Paraguay and Argentina.

Record corn exports last year and increased demand from the livestock and ethanol industries have depleted stocks in Brazil, forcing buyers to import more this year.

Moreover, drought in Rio Grande do Sul, the largest producer of first corn crop in Brazil, led to significantly lower corn yield, exacerbating the supply situation.

Corn prices tracked by Brazil's Center for Applied Studies on Applied Economics surged to Real 60.14/60 kg ($11.57/60 kg) last week, the highest since the agency started tracking prices in 2004.