Source: Oleoscope (Russia)
U.S. exporters are seeking to boost soybean and corn shipments to India, particularly in light of President Donald Trump’s comments regarding the potential implementation of tariffs on Indian exports.
Historically, China has been the primary importer of U.S. soybeans; however, its acquisitions have drastically decreased from $17.9 billion in 2022 to $12.8 billion in 2024. Similarly, U.S. corn imports plummeted from $5.2 billion to $328 million, as reported by GKtoday. The main consumers of U.S. corn included Mexico and Japan.
Furthermore, the increasing demand for animal products within India is driving the expansion of markets for these crops, contributing to the rise in exports to the nation. The USDA projects that due to population and GDP growth, India’s consumption of animal products will escalate, leading to corn imports potentially reaching 46 million tons and soybean meal imports 19 million tons by 2040.
Additionally, according to Reuters, India aims to lower tariffs on more than half of its imports from the United States to safeguard its exports from new tariffs set to come into effect on April 2. Sources from the agency indicate that India is willing to reduce duties on 55% of its U.S. imports, which currently incur tariffs ranging from 5% to 30%. However, discussions are not being held regarding tariffs on meat, corn, wheat, and dairy products, which currently stand between 30% and 60%.
Previously, it was reported that the Trump administration’s proposal to impose new tariffs on Chinese ships arriving at U.S. ports caused concern among American farmers. They argue that additional expenses could exacerbate the challenges faced by the struggling wheat, corn, and soybean export markets.