A screenshot of the Infobae newspaper. — VNA/VNS Photo

Việt Nam surpassed China to become the largest importer of agricultural products from Argentina in terms of volume last year for the second consecutive year, 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 Việt Nam 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 US$2 billion.

Regarding two-way trade, Việt Nam ranked seventh among the Latin American country’s biggest trade partners 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 per cent 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 per cent 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 per cent.

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. — VNS