Latin America and the Caribbean: Wheat Market 2024

Wheat Market Size in Latin America and the Caribbean

The Latin American wheat market expanded slightly to $X in 2022, increasing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Wheat Production in Latin America and the Caribbean

In value terms, wheat production totaled $X in 2022 estimated in export price. Overall, production, however, saw a perceptible decrease. The pace of growth appeared the most rapid in 2018 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Argentina (X tons) constituted the country with the largest volume of wheat production, comprising approx. X% of total volume. Moreover, wheat production in Argentina exceeded the figures recorded by the second-largest producer, Brazil (X tons), threefold. Mexico (X tons) ranked third in terms of total production with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Argentina amounted to X%. In the other countries, the average annual rates were as follows: Brazil (X% per year) and Mexico (X% per year).

In 2022, the average yield of wheat in Latin America and the Caribbean stood at X tons per ha, standing approx. at 2021. In general, the yield, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the yield increased by X%. Over the period under review, the wheat yield hit record highs at X tons per ha in 2019; however, from 2020 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of wheat were harvested in Latin America and the Caribbean; leveling off at 2021. The harvested area increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to wheat production attained the maximum at X ha in 2020; afterwards, it flattened through to 2022.

Wheat Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of wheat increased by X% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, wheat exports skyrocketed to $X in 2022. In general, exports recorded a mild increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Argentina (X tons) represented the largest exporter of wheat, mixing up X% of total exports. It was distantly followed by Brazil (X tons), mixing up an X% share of total exports. The following exporters - Uruguay (X tons) and Paraguay (X tons) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to wheat exports from Argentina stood at X%. At the same time, Brazil (X%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Uruguay (X%) and Paraguay (X%) illustrated a downward trend over the same period. While the share of Argentina (X p.p.) and Brazil (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Paraguay (X p.p.) and Uruguay (X p.p.) displayed negative dynamics.

In value terms, Argentina ($X) remains the largest wheat supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Brazil ($X), with an X% share of total exports. It was followed by Uruguay, with a X% share.

In Argentina, wheat exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (X% per year) and Uruguay (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, jumping by X% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat export price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. Over the period under review, the 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.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Paraguay ($X per ton) and Uruguay ($X per ton), while Argentina ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (X%), while the other leaders experienced more modest paces of growth.

Wheat Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of wheat decreased by X% to X tons, falling for the fourth consecutive year after three years of growth. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, wheat imports soared to $X in 2022. Total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Brazil was the main importer of wheat in Latin America and the Caribbean, with the volume of imports reaching X tons, which was near X% of total imports in 2022. Colombia (X tons) took the second position in the ranking, followed by Peru (X tons), Ecuador (X tons) and Cuba (X tons). All these countries together took approx. X% share of total imports. Guatemala (X tons), Chile (X tons), the Dominican Republic (X tons), Venezuela (X tons), Mexico (X tons), El Salvador (X tons), Haiti (X tons) and Honduras (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to wheat imports into Brazil stood at X%. At the same time, Haiti (X%), Ecuador (X%), Honduras (X%), Colombia (X%), Guatemala (X%), Cuba (X%), Peru (X%), El Salvador (X%) and the Dominican Republic (X%) displayed positive paces of growth. Moreover, Haiti emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Chile (X%), Mexico (X%) and Venezuela (X%) illustrated a downward trend over the same period. Ecuador (X p.p.), Colombia (X p.p.) and Peru (X p.p.) significantly strengthened its position in terms of the total imports, while Chile, Mexico, Brazil and Venezuela saw its share reduced by X%, X%, X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest wheat importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Colombia ($X), together comprising X% of total imports. Peru, Ecuador, Chile, Guatemala, the Dominican Republic, Cuba, Venezuela, El Salvador, Honduras and Haiti lagged somewhat behind, together accounting for a further X%.

Haiti, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, jumping by X% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

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 Mexico ($X per ton), while Cuba ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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