ANNOUNCEMENT 28 Aug 2018
August 28th, 2018 - An official statement from the Argentine government revealed that China had resumed soybean imports from the nation.
NUMBER OF INTERVENTIONS
Argentina Ministry of Agroindustry, August 28th, 2018. ('Argentina vuelve a exportar aceite de soja a China')
Zhejiang Province Grain Bureau, June 20th, 2018. (我国积极优化大豆进口国)
In August 2018, the Argentine government announced in an official release that China had resumed importing soybeans from the South American nation, after a three-year lack of imports which was intended to 'boost the domestic industry in China'.
In a period of trade tensions with the US leading to increased tariffs on soybeans, China decided to turn to other locations in order to satisfy its import demand for the foodstuff.
Traditionally, Argentina had been the third or fourth largest importer into the PRC, after the US, Brazil and Russia, but in 2015 China had ceased imports from Argentina in order to bolster the domestic industry.
According to an official release, Argentina was chosen as an ideal candidate to make up for the lack of soybean imports caused by the dereliance on exports from the US in light of 25% extra tariffs instituted by the Trump administration.