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Argentina’s Ministry of Agriculture has announced that the South American country will export wheat to China for the first time.
According to the ministry, China is the world’s third largest importer of wheat, purchasing about ten million tons annually, worth an estimated $3.8 billion. In terms of global exports, Australia is the top supplier with 5.7 million tons, followed by Canada with 1.8 million tons.
Argentina is among the world’s top wheat exporters. In 2022, exports reached 14 million tons, generating revenues of $4.3 billion. However, a severe drought in 2023 drastically reduced exports to $1.05 billion.
Official estimates for the 2023/24 campaign are encouraging, projecting a total wheat harvest of 15.5 million tons, an increase of 23% over the last harvest.
The opening of the Chinese market to Argentine wheat exports represents not only an economic achievement, but also a strategic opportunity to diversify export destinations and strengthen the country’s position in global agricultural trade.
In recent years, economic relations between China and Argentina have grown significantly. Argentine exports to China, especially agricultural products such as soybeans and meat, have reached significant levels. According to the National Institute of Statistics and Censuses of Argentina (INDEC), agro-industrial exports to China increased by 15% last year, consolidating China as one of the main destinations for Argentine products.
On the other hand, China has invested significant resources in key sectors of the Argentine economy, such as energy and infrastructure. This multi-million dollar strategic relationship has not only boosted the Argentine economy, but has also sparked debates about sustainability and foreign influence in the South American country.
The China-Argentina economic relationship is not only an engine of growth, but also a topic of local debate where economic interests and political considerations converge.
Main source:
Por primera vez Argentina puede exportar trigo a China| Aduana News. (2024, enero 29).
Other related sources:
Ámbito. (2024, enero 28). https://www.ambito.com/economia/argentina-exportara-trigo-china-un-logro-que-festeja-javier-milei-pero-que-lo-gestiono-el-gobierno-anterior-n5931886
Argentina.gob.ar (2024, enero 26) https://www.argentina.gob.ar/noticias/trigo-argentino-al-mundo-por-primera-vez-argentina-puede-exportar-trigo-china