North Africa Turns to Argentina as Ukraine's Corn Exports Plummet

Argentina's corn exports have reached record highs, thanks in part to an increase in demand from North African countries like Morocco, Egypt, and Algeria. According to data from Argentina's INDEC statistics agency, these countries imported a total of 6.5 million tonnes of Argentine corn during the first seven months of 2023, representing a 45% year-on-year increase.

Morocco led the way, with imports rising by 133% to 1.55 million tonnes, while Egypt's purchases climbed 48% to 2.4 million tonnes, and Algeria bought an equal volume after increasing its imports by 10%. The surge in demand has helped Argentina approach record exports of 10 million tonnes during August and September.

The exceptional harvest allowed Argentine exporters to supply buyers seeking alternatives to Ukraine, which has been disrupted by Russian attacks on its Black Sea ports. As a result, Ukraine's grain shipments fell 52% during the latest reported month, creating an opening for Argentina to fill the gap as the world's third-largest corn exporter.