Argentine soybean exports slip to near 15-year low

Argentina at the end of last year received about $13.697 billion in revenue from the sale of soybeans to foreign markets. That result was the lowest for the country since 2009, analysts at the Rosario Grain Exchange said.

“At the same time, despite the decline in soybean exports, the oilseed industry remained Argentina’s main export complex,” the experts explained.

They note that the main volume of South American oilseed in the reporting period was sent to China – for $1.021 billion. In addition, India remained the leading buyer of Argentine soybean oil in 2023 ($1.387 billion), and Vietnam was a key importer of soybean meal ($1.048 billion).

According to the exchange, the share of agricultural products in the total volume of national exports last year fell from 55% to 36% due to drought in the country.

In particular, experts noted that the agribusiness sector generated revenues totaling $36.642 billion (-36% by 2022).

Tags: soybean, Argentina, export