Morocco’s corn imports drop as drought grips Argentina

Published 2023년 3월 12일

Tridge summary

Argentina is experiencing its worst drought in over 60 years, leading to a significant decrease in its corn exports. The country, a top exporter of processed soy and corn, is expected to see a drop in its overall corn exports from 33 billion tonnes in 2022 to 29 billion tonnes in 2023. The drought could result in a cumulative loss of $14 billion and a reduced production worth 50 million tonnes of soy, corn, and wheat. This drought comes at a time when Argentina is already grappling with economic challenges, including inflation and mounting external debt.

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Original content

Argentina is facing the worst drought in over 60 years. Rabat - Morocco’s annual corn imports from Argentina are set to drop in 2023 as yield reaches a three-year low. According to data from the United States Department of Agriculture (USDA), Morocco’s corn imports from Argentina are set to reach 2.3 billion tonnes in 2023, down from 2.5 billion tonnes a year earlier. Argentina’s overall corn exports are set to drop by 4 billion tonnes, going from 33 billion tonnes in 2022 to 29 billion tonnes in 2023. This year, the country is facing the worst drought in over 60 years. The South American country is the world's top exporter of processed soy and ranked third for corn. However, this year, the country continued to cut soybean and corn harvest forecasts. “We are facing an unprecedented climatic event,” head of economic research at the Argentina Rosario exchange, Julio Calzada, told Reuters. Calzada added that farmers could be facing a cumulative loss of $14 billion and a reduced ...

Source: MoroccoWorldNews