Maize flour and cereals market in Uruguay

Earlier Report Observations

The maize flour and cereals market in Uruguay expanded from 79 555 t in 2018 to a peak of 99 788 t in 2020, before contracting to 71 725 t by 2023. In value terms, the market reached $147.4 million in 2020 but declined to $103.5 million in 2023. The initial growth period was followed by a multi-year downturn.

By 2022, the precooked maize flour industry expressed concern over volatile maize prices, which account for roughly 65% of production costs, pressuring millers' margins and contributing to reduced output. Uruguay's agricultural policy, characterized by a lack of export restrictions on agro-industrial goods, provided a stable framework, but did not offset the cost challenges. In 2023, a historic maize harvest with yields exceeding 7 500 kg per hectare boosted raw material supply. However, the primary demand driver was the animal feed sector, which may have limited growth in human consumption of flour and cereals.

Product quality was consistently governed by the National Bromatological Regulation, setting standards for moisture, ash, and acidity in maize products. International cereal price trends, including a decline in global maize prices due to abundant worldwide harvests, also influenced local input costs, with domestic maize prices stabilizing around $315 per ton.

Production maize flour and cereals in Uruguay

In kind, 2017-2020, t

Top producers of maize flour and cereals, 2017-2020

World map of production of maize flour and cereals, 2017-2020

Maize flour and cereals production in Uruguay has increased for the third consecutive year. In 2020, Uruguay produced 98 338 tonnes of maize flour and cereals, marking a moderate gain of 3.9% compared to 2019. Over the period from 2017 to 2020, production rose by 28.5%, with a compound annual growth rate of 8.7%.

Annual dynamics of production in Uruguay in kind, 2017-2020, t

In value, 2017-2020, M $ US

Maize flour and cereals production in Uruguay has increased for the third consecutive year. In 2020, the output of maize flour and cereals was valued at 146.3 million US dollars in Uruguay, up by 0.6% year-over-year. Between 2017 and 2020, production increased by 28.8%, equating to an annualized rate of 8.8%.

Annual dynamics of production in Uruguay in value, 2017-2020, M $ US

Exports maize flour and cereals from Uruguay

Exports in kind, t

Volatility characterized the market behavior during these years. The minimum value was recorded in 2019 at 24 tonnes, with the largest decline of 10.2% occurring in that year. In 2020, Uruguay's maize flour and cereals exports reached 53 tonnes, amounting to a gain of 117.9% compared to 2019. A 2.2-fold variation was recorded between the maximum in 2020 and the minimum in 2019.

Annual dynamics of product's exports from Uruguay in kind, 2017-2020, t

Throughout 2017 to 2020, Spain and the Netherlands concentrated 89.4% of total exports in kind, while the remaining share was distributed among other destinations with smaller individual contributions.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Uruguay in kind, 2017-2020

Exports in value, K $ US

There were noticeable fluctuations in market performance during the period. The minimum value was recorded in 2019 at 38 thousand US dollars, with the largest decline of 5.8% occurring in that year. In 2020, Uruguay's volume of maize flour and cereals exports totalled 79 thousand US dollars, up by 111.0% over the past year. From a low in 2019 to a high in 2020, exports varied by 2.1 times.

Annual dynamics of product's exports from Uruguay in value, 2017-2020, K $ US

In 2017 to 2020, the country structure of exports in value terms was strongly concentrated on Spain and the Netherlands, which together accounted for 91.3% of total flows, with other partners forming a residual tail.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Uruguay in value, 2017-2020

Imports maize flour and cereals to Uruguay

Imports in kind, t

Cross-border shipments of maize flour and cereals to Uruguay have increased for the second consecutive year. The minimum value was recorded in 2018 at 832 tonnes, with the largest decline of 5.4% occurring in that year. In 2020, imports stood at 1 503 tonnes, which is 41.7% higher compared to 2019. Between 2017 and 2020, imports increased by 70.9%, equating to an annualized rate of 19.6%.

Annual dynamics of product's imports to Uruguay in kind, 2017-2020, t

In 2017 to 2020, Argentina and the United States jointly absorbed 91.5% of total imports in kind of maize flour and cereals to Uruguay, with the rest of the volume scattered across smaller markets.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Uruguay in kind, 2017-2020

Imports in value, K $ US

Maize flour and cereals shipments to Uruguay from abroad have increased for the second consecutive year. The minimum value was recorded in 2018 at 742 thousand US dollars, with the largest decline of 8.6% occurring in that year. In 2020, imports reached 1 222 thousand US dollars, indicating a dramatic uptick of 41.0% versus the previous year. Between 2017 and 2020, imports increased by 50.7%, equating to an annualized rate of 14.6%.

Annual dynamics of product's imports to Uruguay in value, 2017-2020, K $ US

Throughout 2017 to 2020, Argentina and the United States remained the primary suppliers of maize flour and cereals to Uruguay, with a combined share of 90.7% of total imports in value terms, and other countries forming the remainder.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Uruguay in value, 2017-2020