MERCOSUR: Millet Market 2024

Millet Market Size in MERCOSUR

In 2022, the MERCOSUR millet market increased by 13% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, continues to indicate a mild descent. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Millet Production in MERCOSUR

In value terms, millet production fell markedly to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 261%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Argentina (X tons) constituted the country with the largest volume of millet production, comprising approx. 88% of total volume. Moreover, millet production in Argentina exceeded the figures recorded by the second-largest producer, Uruguay (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume in Argentina totaled -4.0%. The remaining producing countries recorded the following average annual rates of production growth: Uruguay (+0.2% per year) and Brazil (+338.5% per year).

In 2022, the average millet yield in MERCOSUR surged to X tons per ha, picking up by 43% compared with 2021 figures. The yield indicated moderate growth from 2012 to 2022: its figure increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, millet yield decreased by -21.8% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 94%. As a result, the yield attained the peak level of X tons per ha. From 2020 to 2022, the growth of the millet yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the millet harvested area in MERCOSUR declined dramatically to X ha, waning by -21.9% against the year before. Overall, the harvested area recorded a deep setback. The most prominent rate of growth was recorded in 2016 when the harvested area increased by 117% against the previous year. Over the period under review, the harvested area dedicated to millet production reached the peak figure at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Millet Exports

Exports in MERCOSUR

In 2022, overseas shipments of millet decreased by -21.4% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports showed a mild decline. The most prominent rate of growth was recorded in 2019 when exports increased by 1,650%. The volume of export peaked at X tons in 2021, and then dropped dramatically in the following year.

In value terms, millet exports contracted to $X in 2022. In general, exports saw a noticeable shrinkage. The growth pace was the most rapid in 2019 with an increase of 711% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Argentina dominates exports structure, reaching X tons, which was near 96% of total exports in 2022. Brazil (X tons) followed a long way behind the leaders.

Exports from Argentina decreased at an average annual rate of -1.6% from 2012 to 2022. At the same time, Brazil (+51.0%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +51.0% from 2012-2022. Brazil (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) remains the largest millet supplier in MERCOSUR, comprising 84% of total exports. The second position in the ranking was taken by Brazil ($X), with a 12% share of total exports.

In Argentina, millet exports shrank by an average annual rate of -3.5% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in MERCOSUR amounted to $X per ton, growing by 15% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the export price increased by 107% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Argentina totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+9.3%).

Millet Imports

Imports in MERCOSUR

In 2022, purchases abroad of millet decreased by -15.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, showed a perceptible expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 179%. As a result, imports reached the peak of X tons, and then fell notably in the following year.

In value terms, millet imports stood at $X in 2022. Overall, imports, however, recorded a perceptible increase. The pace of growth appeared the most rapid in 2021 when imports increased by 162%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Brazil prevails in imports structure, resulting at X tons, which was near 75% of total imports in 2022. It was distantly followed by Colombia (X tons) and Chile (X tons), together generating a 17% share of total imports. The following importers - Suriname (X tons), Ecuador (X tons), Peru (X tons) and Venezuela (X tons) - each resulted at a 7.6% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to millet imports into Brazil stood at +2.4%. At the same time, Ecuador (+48.1%), Suriname (+2.5%), Colombia (+2.4%) and Chile (+1.4%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +48.1% from 2012-2022. By contrast, Peru (-4.8%) and Venezuela (-6.1%) illustrated a downward trend over the same period. While the share of Brazil (+2.9 p.p.) and Ecuador (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Peru (-2 p.p.) and Venezuela (-2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported millet in MERCOSUR, comprising 77% of total imports. The second position in the ranking was held by Chile ($X), with a 9% share of total imports. It was followed by Colombia, with a 6.1% share.

In Brazil, millet imports increased at an average annual rate of +4.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+3.4% per year) and Colombia (-3.0% per year).

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, surging by 26% against the previous year. In general, the import price recorded a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Chile ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+2.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform