Apr ’18 U.S. Ethanol Export Volumes Continued to Decline From the February Record High Apr ’18 U.S. Ethanol Exports Volumes Declined 22.0% MOM but Remained up 86.1% YOY Brazil was the Top Destination for U.S. Ethanol Exports During Apr ’18 Apr ’18 U.S. Ethanol Volumes Destined to Brazil Increased Most Significantly YOY Apr ’18 U.S. Ethanol Export Volumes Destined to Brazil Declined From the March Record High Apr ’18 U.S. – Brazilian Ethanol Net Trade is Projected to Remain Positive A 20% Tariff on U.S. Ethanol Exports Destined to Brazil Took Effect Beginning Sep ’17 Brazil has Accounted for Two Thirds of the Total YOY U.S. Ethanol Export Growth Since 2016 Ethanol Exports Volumes Destined to Brazil up, Philippines Down, Over the Past 12 Months 2017 U.S. Ethanol Export Volumes Destined to China Declined Sharply From the 2016 Highs Apr ’18 U.S. Ethanol Export Volumes Destined to China Were Minimal