Vietnam becomes biggest importer of Argentine farm produce

A screenshot of the Infobae newspaper (Photo: VNA)

Buenos Aires (VNA) - In 2023, for the second consecutive year, Vietnam surpassed China tobecome the largest importer of agricultural products from Argentina in terms ofvolume, according to Argentine media.

The Infobae and AcercandoNaciones newspapers cited the Rosario Grains Exchange (BCR) - the mostimportant grain exchange floor of the country, as saying that Vietnam emerged asthe largest importer of corn and soybean powder for animal feed last year with acombined volume of 5.3 million tonnes worth 2 billion USD.

Regarding two-way trade, Vietnam ranked seventh amongthe biggest trade partners of the Latin American country in the year.

A screenshots of the Acercando Naciones newspaper (Photo: VNA) 

Last year, the third-largest economy in Latin America exported nearly 56million tonnes of grains and processed grain products, a decrease of over 37million tonnes or 40% compared to 2022, marking the lowest output since 2009,primarily due to severe and prolonged drought. In 2019, Argentina set a record exportvolume of these items with 100.5 million tonnes.

Approximately 50% of the volume of grains, processed grain products, andprocessed oil from seeds produced in Argentina is sold to Asian countries.

The grain output of Argentina in the 2022-2023 crop reached only 83.4million tonnes, experiencing a decline of 38%.     

This year, thanks to favourableclimate conditions and abundant rainfall, Argentina anticipates an increase ingrain production for the 2023-2024 crop, with corn output expected to reach arecord level of 59 million tonnes.

Argentina remains one of the world's largest producers and exporters ofsoybeans, corn, and wheat./.

VNA