Japan: Limited Impact on U.S. Corn Expected from Japan’s FTAs

The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement will enter into force on December 30, 2018, and a free trade agreement between Japan and the European Union is expected to enter into force on February 1, 2019. The two agreements could bring about a limited increase in market competition for U.S. corn products as both agreements contain tariff concessions for a range of corn products. Japan imported 15.3 million metric tons (MMT) of corn and corn products in 2017 (excluding ethanol), valued at US$3.09 billion. U.S. corn and corn products accounted for roughly 80 percent of Japan’s imports (by both volume and value).

Japan: Limited Impact on U.S. Corn Expected from Japan’s FTAs