Abstract
Aggregate export supply function for US corn and bilateral import functions for US corn by Mexico, Japan, China, South Korea, and the EU are estimated using ARDL estimation techniques. The findings...
Highlights
IntroductionOther major producers and exporters of corn include Brazil, Argentina, and Ukraine (United State Department of Agriculture (USDA), Foreign Agricultural Service, 2018)
The United States is the world’s largest producer and exporter of corn
The results indicate that export price, technology, lagged exports, real effective exchange rate, and ethanol production are the major drivers of U.S corn export supply
Summary
Other major producers and exporters of corn include Brazil, Argentina, and Ukraine (USDA, Foreign Agricultural Service, 2018). Corn grain excluding popcorn or sweet corn, on average, accounted for about 11% of all U.S agricultural exports by value during the 1990 s. Between 2003 and 2007, the U.S share of world corn exports averaged 60%, and the increase in exports was partly due to strong demand by Mexico, Russia, Japan, Europe, and developing countries. Mexico, and South Korea are the top importers of corn in the world and the top importers of US corn (U.S Grains Council, 2015; see Figure 1). In 2017, the United States exported nearly 2.2 USD billion worth of corn to Japan, account ing for about 24% of total U.S corn exports to the world by value (USDA, Foreign Agricultural Service, 2018). The study by Batres-Marquez (2017) indicated that in 2017, Mexico and Japan together accounted for about 52.2% of total U.S corn exports
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