April 8, 2008

 

Foreign demand fuels meteoric rise of Argentina's soy exports

 

 

In the space of a year, Argentina's soy exports shot up meteorically from an inconsequential amount monthly to nearly half a million tonnes a month currently, thanks to China's soy demand.

 

Argentina shipped 470,308 tonnes of soybeans in January, up from just 6,067 tonnes exported in the year-ago period, according to the latest Agriculture Secretariat data.

 

China was the leading buyer of Argentine soybeans in January, purchasing 310,436 tonnes or 65 percent of Argentina's exports for that month.

 

 The next closest importer, Iran trailed far behind with 120,803 tonnes.

 

Argentina also shipped 672,798 tonnes of soyoil in January, nearly triple the 228,530 tonnes shipped a year earlier.

 

Again, China was the leading importer of Argentine soyoil in January, importing 226,488 tonnes. Iran followed with 82,631 tonnes.

 

Soymeal and pellets exports were also up 16 percent compared to a year earlier, from 2.14 million tonnes last January to 2.48 million tonnes this January.

 

European countries were the leading buyers of Argentine soymeal and pellets.

 

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

  

Meanwhile wheat exports more than doubled from last January's 1.44 million tonnes to this year's 3.35 million  tonnes.

 

Brazil was by far the leading importer of Argentine wheat in January, purchasing 1.35 million tonnes. Peru followed with 229,577 tonnes, while Algeria bought 211,150 tonnes and South Africa 193,240 tonnes.

 

Corn exports however, fared badly, with exports only a third of what it was a year ago. The country exported 113,687 tonnes in January, compared to 359,491 tonnes January last year.

 

South Africa was the leading destination for Argentine corn in January, importing 33,530 tonnes. Spain followed with 28,884 tonnes.