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MY 2023/24 corn production is anticipated to increase roughly 3 percent to 6.1 million metric tons (MT) as more farmers switch to corn production in response to high prices. Post anticipates production will remain below historical levels due to high fertilizer prices and fall army worm outbreaks.
In 2022, the Government of Ecuador continued to support floor prices for local production of corn, rice, and wheat as well as began subsidizing the price of fertilizers for small producers.
Ecuador’s National Customs Service (SENAE) announced on February 2, 2023, that Distiller’s Dried Grains with Solubles (DDGS) will no longer be subject to a 12 percent value added tax.
Despite continued economic constraints, U.S. – Ecuador bilateral agricultural and related product trade rose to $4.5 billion in 2022. In addition, U.S. agricultural and related product exports to Ecuador reached a record $741 million.