January 25, 2013

South Korea acquires more Brazil corn in 2012

South Korea's acquisitions of major grains and feed have risen in 2012, with notable shifts in market share for corn from the US to Brazil.

The world's third-largest corn buyer saw imports of the grain increase by 6% on-year to 8.22 million tonnes from 7.76 million tonnes. The US lost a huge share of the South Korean market last year to Brazil. It shipped 2.83 million tonnes of corn to Seoul in 2012, a massive decline of 53% from 2011's 6.02 million tonnes, sending its market share to 35% from 78%. Brazil boosted sales to 1.96 million tonnes from 122,000 tonnes, increasing market share to 24% from 2%.