The US exported 814.2 million liters (214.95 million gallons) of ethanol in March, 68% more than in March 2017, but down 1.66% month on month, US Census Bureau data showed Thursday.
Brazil was the largest buyer of fuel-grade ethanol in March, importing 363.19 million liters (95.9 million gallons) after taking 390.5 million liters in February.
Exports to Brazil are likely to continue to fall in the coming months as the new crop season has begun to pull ethanol prices lower and, combined with a 20% tariff on imports over 150 million liters in a single quarter, could make the arbitrage play more difficult.
Canada appeared in the second spot, leapfrogging February's number two importer, China. Canada imported 93 million liters (24.6 million gallons) of fuel-grade ethanol from the US in March, up from 80.5 million liters in February, the data show.
Canada is a consistent source of demand for US ethanol, frequently topping the list of buyers of US ethanol.
China imported 74.9 million liters (19.75 million gallons) of fuel-grade ethanol in March, down from 125.2 million liters in February.
In 2018, S&P Global Platts Analytics forecasts US fuel ethanol exports will total 5.125 billion liters, up 4% from 2017.
