India ordered the expansion of the purchase of soybean meal to 550,000 tons, which represents approximately 220 million dollarsafter the visit of Foreign Minister Santiago Cafiero and the meeting he held with Prime Minister Narendra Modi, reported the Ministry of Foreign Affairs.
“After the visit of Foreign Minister Santiago Cafiero and the meeting he held with Prime Minister Narendra Modiwith whom he discussed, among other issues, about promoting an agenda for the Global South and the importance of the coordination of both nations in multilateral forums such as the WTO and the G20 based on emerging economies, India ordered the expansion of the purchase of soybean meal to 550,000 tons, which represents approximately 220 million dollars,” the Foreign Ministry statement said.
Foreign Minister Cafiero stated that “the objective of the tour was to increase bilateral trade in products such as soybean and sunflower oil, and add more Argentine exportable supply, such as the increase in the quota for soybean meal.”
“The objective of the tour was to increase bilateral exchange in products such as soybean and sunflower oil, and add more Argentine exportable supply, such as the increase in the quota for soybean meal”santiago cafiero
Cafiero also spoke to businessmen and local chambers about the investment potential offered by our country in sectors such as food, renewable energy, mining, energy, electromobility and the knowledge economy, among others.
In this framework, he stressed that our country “has a relevant place in the energy transition, fundamentally, in regard to the development of mining and the chemical industry, as a result of projects on lithium extraction”, and detailed: “If we continue with this level of production of that mineral, Argentina will be the second largest lithium exporter in the world this year.”
India is the largest democracy in the world, it has more than 1.3 billion inhabitants; It is the fifth commercial partner of Argentina and with perspectives of sustained growthand it is also a leading country in the agenda of the global south, made up of emerging economies.
Argentina is the main exporter of soybean meal and pellets in the world, with a world market share of 32%, followed by Brazil with 25% and the United States with 15%.
According to the Agricultural Foundation for the Development of Argentina (FADA), of the US$ 23,805 million exported by the soybean complex as a whole, US$ 11,664 million corresponded to flour.
For its part, FADA ranked India as “the main importer of soy products” from Argentina, which alone explains 16% of the complex’s total exports.
For its part, the Rosario Stock Exchange (BCR) projected that during 2022, thanks to high international prices, Argentina could export US$ 12,510 million in soy flour and pellets.
