Vietnam becomes biggest importer of Argentine farm produce

In 2023, for the second consecutive year, Vietnam surpassed China to become the largest importer of agricultural products from Argentina in terms of volume, according to Argentine media.

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

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

Last year, the third-largest economy in Latin America exported nearly 56 million tonnes of grains and processed grain products, a decrease of over 37 million 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 export volume of these items with 100.5 million tonnes.

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

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

This year, thanks to favourable climate conditions and abundant rainfall, Argentina anticipates an increase in grain production for the 2023-2024 crop, with corn output expected to reach a record level of 59 million tonnes.

Argentina remains one of the world’s largest producers and exporters of soybeans, corn, and wheat.