By Ann Lewis, Senior Analyst
March U.S. ethanol exports vaulted 27% to a ten-month high of 132.3 million gallons (mg). Canada was our largest destination for the 24th consecutive month given its 43% share of March exports, including 72% of all denatured shipments. Our neighbor’s imports of 56.6 mg, a 34% bump over February, represent the largest monthly volume of U.S. ethanol exports to a single country to date. Other major global customers in March included India (22.8 mg, up from zero to a 13-month high), the European Union (12.8 mg, +104%), the United Kingdom (8.7 mg, -11%), Peru (7.9 mg, +89% to an 11-month high), and Mexico (5.9 mg, +9%). Notably, exports considerably curbed to South Korea (5.2 mg, -50%), the Philippines (2.2 mg, -62%), and Jamaica (2.1 mg, -67%), while Brazil again remained essentially absent from the market with a 16% tariff on U.S. ethanol in place. Year-to-date U.S. ethanol exports total 354.1 mg, lagging 10% behind last year at this time and marking the smallest first-quarter exports since 2016.
The U.S. did not log any meaningful imports of ethanol for the third consecutive month.
March U.S. exports of dried distillers grains (DDGS), the animal feed co-product generated by dry-mill ethanol plants, swung 17% higher to 898,086 metric tons (mt) upon elevated volumes in our larger markets. Mexico remained our top customer for the ninth consecutive month, with imports tallying 209,812 mt, a 23% leap over February volumes and a ten-month high. Mexico, South Korea (127,685, +7%), and Turkey (103,346 mt, +153%) together captured half of our global market in March. Indonesia (68,832 mt, +43%), Vietnam (53,259 mt, up a tick), and Canada (48,360 mt, +4%) imported sizeable volumes as well. Year-to-date DDGS exports total 2.43 million mt, coming in 16% below last year at this time and representing the smallest first-quarter exports since 2019.