Brazil has bumped Argentina out as the world's second largest exporter of corn, in a year in which Argentine harvests declined, according to a report by consultancy Informa Economics FNP.Brazil had a record production of corn last year and exported a record high of almost 20 million tonnes, double the foreign sales of 2011, thanks to strong international demand following the US drought, reported America Economia.
"Argentina has not yet completed the shipment data of maize in the country, but according to the programming lineup (of ships) accounted for through December, exports should total 16.7 million tonnes," said the Brazilian division of Informa Economics.
The consultancy noted that the decline in maize production in the United States, the main global exporter, and low inventories in Argentina, created a vacuum in the external market benefiting Brazil. FNP also emphasized that "the increase in the exchange rate also helped competitiveness of the product originating in Brazil."
