Argentina Seeking Expanded Trade with China

Argentina wants to increase agricultural trade with China ahead of a bumper crop of soybeans. China, the world’s largest buyer of soybeans, purchased $3.48 billion worth of Argentine exports, with more than 86 percent of which were from the agricultural sector. Argentina’s agriculture secretary said in a statement, “We believe Argentina still has a big chance to advance agro-industrial trade and increase its role as a reliable supplier of food to China,” while leading a trade delegation in China. Farmers in Argentina are expected to harvest 55.9 million metric tons of soybeans this season, or 48 percent more than the previous year, according to Reuters. The move comes as the U.S. continues to negotiate a trade agreement with China following a tit-for-tat trade war that shut off U.S. soybean exports to China. Complicating the market further, China uses the soybeans for animal feed, as it is the largest pork producing nation. However, African swine fever is projected to reduce pork production in China by more than 20 percent this year.