Portugal: Maize Market 2024

Maize Market Size in Portugal

In 2022, after three years of growth, there was significant decline in the Portuguese maize market, when its value decreased by -86.5% to $X. Overall, consumption showed a abrupt curtailment. Maize consumption peaked at $X in 2021, and then shrank dramatically in the following year.

Maize Production in Portugal

In value terms, maize production amounted to $X in 2022 estimated in export price. Overall, production showed a precipitous decrease. The pace of growth was the most pronounced in 2016 when the production volume decreased by 99.9%. Maize production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

The average yield of maize (green) in Portugal stood at less than X kg per ha in 2022, therefore, remained relatively stable against 2021. Over the period under review, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of maize (green) production in Portugal stood at less than X ha, flattening at 2021. In general, the harvested area recorded a relatively flat trend pattern.

Maize Exports

Exports from Portugal

For the third year in a row, Portugal recorded growth in overseas shipments of maize (green), which increased by 23% to X tons in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 87%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, maize exports expanded significantly to $X in 2022. Over the period under review, exports, however, continue to indicate a noticeable curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 62%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Spain (X tons) was the main destination for maize exports from Portugal, with a 66% share of total exports. Moreover, maize exports to Spain exceeded the volume sent to the second major destination, the Netherlands (X tons), more than tenfold. The third position in this ranking was held by the UK (X tons), with a 5% share.

From 2012 to 2022, the average annual growth rate of volume to Spain amounted to +16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-9.0% per year) and the UK (-11.1% per year).

In value terms, Spain ($X) remains the key foreign market for maize (green) exports from Portugal, comprising 44% of total exports. The second position in the ranking was taken by the UK ($X), with an 18% share of total exports. It was followed by Denmark, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Spain amounted to +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-10.3% per year) and Denmark (+65.9% per year).

Export Prices by Country

The average maize export price stood at $X per ton in 2022, shrinking by -11.9% against the previous year. Overall, the export price continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when the average export price increased by 28% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hungary (+27.1%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Imports

Imports into Portugal

After two years of growth, supplies from abroad of maize (green) decreased by -30.9% to X tons in 2022. Over the period under review, total imports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 80%. Over the period under review, imports reached the peak figure at X tons in 2021, and then plummeted in the following year.

In value terms, maize imports contracted markedly to $X in 2022. Overall, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 54% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then dropped significantly in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest maize supplier to Portugal, with a 82% share of total imports. Moreover, maize imports from Spain exceeded the figures recorded by the second-largest supplier, Costa Rica (X tons), eightfold. The third position in this ranking was taken by the Netherlands (X tons), with a 3.8% share.

From 2012 to 2022, the average annual growth rate of volume from Spain totaled +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+13.5% per year) and the Netherlands (+4.9% per year).

In value terms, Spain ($X) constituted the largest supplier of maize (green) to Portugal, comprising 83% of total imports. The second position in the ranking was held by Costa Rica ($X), with a 7.1% share of total imports. It was followed by Italy, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+14.8% per year) and Italy (+8.1% per year).

Import Prices by Country

The average maize import price stood at $X per ton in 2022, jumping by 17% against the previous year. Overall, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize import price increased by +8.3% against 2015 indices. The pace of growth appeared the most rapid in 2015 when the average import price increased by 91% against the previous year. The import price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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