Area
China (Mainland)
Commodity Group
Oilseeds, oils and meals
Commodity
Soybeans, soyoil
Date
01/10/2020
Policy Category
Trade
Policy Instrument
Sector-specific, bilateral trade initiatives
Description
China and Argentina renewed the two year-old agreement regulating purchases of Argentine soybeans and soybean oil by Chinas state-owned grain corporation Sinograin. For 2021, it was agreed that Sinograin would raise its soybean purchases from 3 to 4 million tonnes and those of soybean oil from 300 000 to 400 000 tonnes.
Notes
CHINA / ARGENTINA bilateral trade arrangement: Chinas state-owned grain corporation Sinograin confirmed its interest to renew the two-year old agreement regulating purchases of soybeans and soybean oil from Argentina (see also MPPU Dec.18). For 2021, Sinograin agreed to raise its soybean purchases from 3 to 4 million tonnes and those of soybean oil from 300 to 400 thousand tonnes. For Argentina, at current average prices, the deal would translate into export revenues of USD 2 billion, compared to the USD 1.5 billion earned from sales to Sinograin in 2019.
