HS Code:
Corn oil, also known as maize oil, and its fractions (HS Code: 1515.29) is a vegetable oil extracted from the germ of corn (maize). It is primarily used for cooking and as an ingredient in various food products due to its mild flavor and high smoke point. Additionally, corn oil finds applications in industrial products such as soaps, paints, and pharmaceuticals. The global trade of corn oil and its fractions is influenced by agricultural production capacities, dietary trends, and biofuel demand. Major producers include countries with significant corn cultivation, while trade patterns are shaped by regional demand for edible oils and industrial applications.
Total Trade Volume
Approximately 2.5 million metric tons
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
1.2 million metric tons
48% of total trade of total trade
Increasing
0.5 million metric tons
20% of total trade of total trade
Increasing
0.3 million metric tons
12% of total trade of total trade
Stable
0.2 million metric tons
8% of total trade of total trade
Increasing
0.1 million metric tons
4% of total trade of total trade
Stable
Average Rate
5.8% ad valorem
Highest Rate
30% (applied by certain developing countries to protect local edible oil industries)
Lowest Rate
0% (under free trade agreements like USMCA and EU trade deals)
Rising demand for healthier cooking oils
Increased preference for corn oil due to its relatively low saturated fat content compared to other oils, driving export growth from major producers.
2021-2023
Growth in biofuel production
Corn oil is increasingly used as a feedstock for biodiesel, diverting supply from food markets and impacting trade volumes for edible use.
2020-2022
Fluctuations in corn production due to climate change
Weather-related disruptions in major corn-producing regions have led to volatility in corn oil supply and prices, affecting trade stability.
2019-2023
A new trade agreement between the US and EU reduced tariffs on corn oil imports to the EU, boosting US exports.
March 2023
Expected to increase US corn oil exports by 10-15% to the European market over the next two years.
Brazil introduced a temporary reduction in export taxes on corn oil to encourage shipments amid surplus production.
July 2022
Led to a 20% spike in Brazilian corn oil exports in the second half of 2022, intensifying competition in global markets.
Several Asia-Pacific countries implemented stricter labeling requirements for GM-derived corn oil, affecting market access for major exporters.
January 2023
Potential reduction in demand from GM-sensitive markets, pushing exporters to focus on non-GM certification.