Reference News website reported on May 9 according to a report by Bloomberg News Service website on May 9, China and Argentine exporters signed a memorandum of intent to purchase soybeans, corn, and vegetable oil worth about $900 million. This move indicates that China will reduce its imports of American agricultural products.
According to two sources, Chinese officials signed this non-binding agreement in Buenos Aires on May 7th.
China has always been the largest buyer of unprocessed soybeans from Argentina. In addition, China also purchases soybean oil from the country, and last year, China resumed importing corn from Argentina.
Although such agreements are not unprecedented, it is relatively rare for China to propose such a large-scale purchasing intention. Against the backdrop of the escalating trade war, this move sends a signal: China intends to shift its agricultural product procurement to South America.
Cornel International's press office in Buenos Aires issued a statement on May 8th saying that the company had reached a memorandum of understanding to expand the supply of agricultural products from Argentina to China and explore further long-term cooperation.
In addition, the Argentine Rural Association said in a post on social platform X last month that China Fufeng Group plans to build a corn processing plant in Argentina. (Compiled/translated by Wang Dongdong)
On December 3, 2024, a worker stands in a soybean warehouse in Argentina. (Associated Press)
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