March 12, 2008

 

Argentina's 2007 soy exports up 47percent, thanks to China demand

 

 

Argentina shipped 12 million tonnes of soy in 2007, up 47 percent from the 8.2 million tonnes exported in 2006, according to the latest data from the Agriculture Secretariat.

 

China was the leading buyer of Argentine soy in 2007, purchasing 9.2 million tonnes. Turkey, the next largest importer trailed far behind at 431,442 tonnes, while Egypt bought 381,066 tonnes, and the United Arab Emirates bought 267,176 tonnes.

 

Argentina also shipped 6.6 million tonnes of soyoil in 2007, up from 6.0 million tonnes shipped a year earlier.

 

The Secretariat did not give full-year data by destination, but China was also the leading importer of Argentine soyoil in the closing months of 2007.

 

Argentina exported 27.9 million tonnes of soymeal and pellets in 2007, up from 25.7 million  tonnes shipped a year earlier. European countries were the leading buyers of Argentine soymeal and pellets last year. Spain  imported 4.0 million tonnes, Holland 3.2 million tonnes and Italy 2.5 million tonnes.

 

Argentina is the world's No. 3 soy producer and exporter behind the US and Brazil, and it is the leading exporter of soyoil and meal.

 

This week, Argentina announced a new sliding scale for export taxes on grains, which will see the export tax on soy rise 7-9 percentage points, based on current prices, Economy Minister Martin Lousteau announced.

 

Argentina has also reached an agreement with China on setting standards on impurities in soy shipments.

 

Shipments containing between 1 and 5 seeds of the weed per kilogramme will be filtered to remove the impurity, with the shipper and importer negotiating to divide the cost.

 

China will reject shipments or suspend the corresponding exporter if more than five seeds per kilogram are detected.

 

China is the leading importer of Argentine soy, buying 9.2 million tonnes out of the 12 million tonnes Argentina shipped last year, according to the Agriculture Secretariat.

 

Meanwhile, corn exports were up 42 percent to 14.7 million tonnes, according to the Agriculture Secretariat.                        

 

Spain was the leading destination for Argentine corn last year, importing close to 1.7 million   tonnes. 

 

Argentina's wheat exports only rose 1 percent to 9.5 million tonnes last year.

 

Brazil was by far the leading importer of Argentine wheat last year, purchasing 5.7 million tonnes.