April 10, 2006

 

Argentina's January soy exports soar on strong demand from China

 

 

Argentina's year-on-year soybean exports soared in January as China, the world's top soybean importer, bought in bulk from the South American nation, the latest Agriculture Secretariat data show.

 

Argentina exported 701,550 tonnes of January soybeans, up 1,193 percent from just 54,277 tonnes a year ago.

 

China accounted for almost 84 percent of Argentina's soybean exports in January. The fast-growing Asian nation imported 586,251 tonnes that month, compared with none during the same month a year ago.

 

Spain ranked second, importing 41,896 tonnes compared with none a year ago.

 

Bangladesh came in third with 35,070 tonnes against none the previous year.

 

Argentina is the world's third largest soybean producer and exporter behind the US and Brazil.

 

The US Department of Agriculture has forecast Argentina's 2005/06 soybean production at a record 40.5 million tonnes, up from 39 million tonnes a year earlier.

 

The USDA sees 2005/06 soybean exports totalling 10 million tonnes.

 

Meanwhile, Argentina also exported 2,017,211 tonnes of soymeal and pellets in January, up 15 percent from 1,753,879 tonnes during the same month a year ago.

 

Some 31 countries imported soymeal from Argentina in January, down from 33 a year earlier. Spain was the top buyer, followed by the Netherlands and Italy.