Argentina Halts Soymeal Exports As Domestic Production Fell
Argentina is the second largest producer and exporter of soybean meal in the world. According to the Argentina import export data reports, Soybean meals are the second most exported products from Argentina. As per Global import export data, Brazil (21 MMT), United States (12 MMT) and Bolivia (2 MMT) are other major soybean meal exporters in the world. For the financial year 2022, Argentina’s soymeal exports hit 26 million metric tons. In 2021, it was estimated to be 8.7 billion US Dollars.
As per Argentina export data, Vietnam was the top importer of Argentina’s Soybean meals worth 1.5 billion US Dollars followed by Indonesia, Spain, Poland and Malaysia. On the other hand, Argentina import data suggests that sunflower oil imports were around 5 million US Dollars in the fiscal year 2021. The major import markets for Argentina were Paraguay, Bolivia, Brazil and the United states.
Cargill, COFCO, Viterra, Bunge, ADM and LDC are the top Argentina import export data companies for agribusiness. The top agri exports from Argentina are mainly soybean, wheat, sorghum, sunflower, corn, rice, peanuts and vegetable oils.
Currently due to the Russia-Ukraine war, the global supply chain of soybean oil has been affected. Ukraine and Russia contribute around 75% of the global sunflower oil exports. Also, the country’s soymeal production has been affected by the severe drought. Due to which, Argentina’s soymeal production decreased by 44 MMT this year. Argentina is up to reserve its soymeal stocks.
Recently, it has put 31% duty on its imports. Argentina’s soybean meal exports shipments were record low of 13% as compared to last year's exports. Amid the crisis, the Argentinian Government is planning to increase its soybean imports from India due to the affected supply.
According to Argentina customs data, around 160K tonnes of soybean meal were shipped from India to Argentina in January 2023. In February 2023, it came down to 100K tonnes. The major suppliers of Soybean meal were India, Vietnam, Japan, Nepal and Bangladesh. Experts suggest that soybean exports from India to Argentina could cross 2 million tonnes this year as compared to 640K in 2021.
India-Argentina Bilateral Trade
India and Argentina shared a healthy business relationship. According to the India export data, Petroleum oils, Nitrogen compounds and Motor Vehicles are the top 3 export items from India to Argentina. On the other hand, in terms of India imports from Argentina were totalled to be 5.2 Billion US Dollars in 2021.
As per India import data reports, soybean oil, goals and seed oils were top import items from Argentina to India. On Average Indian imports from Argentina have been increasing at the rate of 12%. According to the India import export data, this year soybean meals exports hit 325K tonnes with record growth of 221%.
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