August 13, 2007

India clears Argentina's soyoil imports

India has permanently approved the import of Argentine soyoil, Argentina's Foreign Ministry said in a statement Friday (August 10).

Shipments had been taking place under temporary permission India granted after the south Asian country launched an investigation last year into the health and environmental safety of soyoil made from transgenic soybeans grown in Argentina.

India is one of the leading markets for Argentine soyoil. In May, India imported 161,492 tonnes of Argentine soyoil. Only China bought more from Argentina, importing 210,245 tonnes.

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