Puerto Rico: Grain Market 2022

Grain Market Size in Puerto Rico

The Puerto Rican grain market shrank to $X in 2021, falling by -6.4% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Grain Production in Puerto Rico

In value terms, grain production reduced to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 60%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

The average yield of cereal grains in Puerto Rico reduced modestly to X tons per ha in 2021, with a decrease of -2.9% compared with 2020. Overall, the yield, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the yield increased by 56% against the previous year. As a result, the yield attained the peak level of X tons per ha. From 2017 to 2021, the growth of the grain 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 2021, the harvested area of cereal grains in Puerto Rico reduced slightly to X ha, which is down by -1.5% on the previous year's figure. In general, the harvested area saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the harvested area increased by 27%. As a result, the harvested area reached the peak level of X ha. From 2019 to 2021, the growth of the grain harvested area remained at a somewhat lower figure.

Grain Exports

Exports by Country

In 2021, the United States (X tons), distantly followed by Ukraine (X tons), Argentina (X tons), Australia (X tons), Russia (X tons), Canada (X tons), France (X tons) and Brazil (X tons) were the largest exporters of cereal grains, together generating 77% of total exports. The following exporters - Romania (X tons), Germany (X tons), Poland (X tons) and Bulgaria (X tons) - together made up 9.8% of total exports.

Exports from the United States increased at an average annual rate of +5.9% from 2012 to 2021. At the same time, Poland (+13.8%), Romania (+12.9%), Bulgaria (+8.2%), Ukraine (+7.0%), Russia (+5.0%), Argentina (+3.7%), Canada (+3.0%), Australia (+2.0%) and Germany (+1.6%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the world, with a CAGR of +13.8% from 2012-2021. Brazil and France experienced a relatively flat trend pattern. From 2012 to 2021, the share of the United States, Ukraine and Romania increased by +3.6, +2.5 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) remains the largest grain supplier from Puerto Rico, comprising 24% of global exports. The second position in the ranking was held by Ukraine ($X), with a 9.7% share of global exports. It was followed by Argentina, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value in the United States totaled +4.7%. In the other countries, the average annual rates were as follows: Ukraine (+6.0% per year) and Argentina (+2.5% per year).

Export Prices by Country

In 2021, the export price in Puerto Rico amounted to less than $X per ton, flattening at the previous year. Over the period under review, the export price saw a relatively flat trend pattern.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Canada ($X per ton) and France ($X per ton), while Brazil ($X per ton) and Argentina ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (-0.5%), while the other leaders experienced a decline in the export price figures.

Grain Imports

Imports by Country

In 2021, China (X tons), distantly followed by Mexico (X tons), Japan (X tons) and Egypt (X tons) represented the largest importers of cereal grains, together creating 28% of total imports. South Korea (X tons), Vietnam (X tons), Spain (X tons), the Netherlands (X tons), Italy (X tons), Algeria (X tons), Turkey (X tons), Indonesia (X tons) and Iran (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the cereal grains imports, with a CAGR of +20.1% from 2012 to 2021. At the same time, Vietnam (+15.7%), Turkey (+10.1%), Indonesia (+6.2%), Mexico (+6.2%), Italy (+3.9%), Algeria (+3.1%), the Netherlands (+3.1%), Egypt (+2.2%), South Korea (+1.7%) and Spain (+1.5%) displayed positive paces of growth. Japan and Iran experienced a relatively flat trend pattern. From 2012 to 2021, the share of China and Vietnam increased by +9.5 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cereal grains into Puerto Rico, comprising 14% of global imports. The second position in the ranking was held by Mexico ($X), with a 5.5% share of global imports. It was followed by Japan, with a 5% share.

In China, grain imports increased at an average annual rate of +19.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Mexico (+4.9% per year) and Japan (-1.5% per year).

Import Prices by Country

In 2021, the import price in Puerto Rico amounted to less than $X per ton, remaining constant against the previous year. Overall, the import price showed a relatively flat trend pattern.

Prices varied noticeably country of destination: the country with the highest price was Italy ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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