Argentina forced to import 6,1 million tons of soybeans in first half of 2023

Argentina forced to import 6,1 million tons of soybeans in first half of 2023

Argentina hit by a once-in-a-lifetime drought, has been forced to import 6,1 million tons of soybeans in the first half of 2023, according to data published by the Rosario Stock Exchange. The volume, the highest ever recorded for the period, is triple the amount imported in the first half of last year. It is also very close to the 2018 annual record when the country imported 6.4 million tons of soybeans.

Argentina is the world’s largest exporter of soybean meal and oil, with a processing capacity of around 70 million tons. As the harvest in 2022/23 was around 20 million tons, hampered by a severe drought, the large idle capacity of the industry increased the need to import the grain.

Most of Argentina’s soy imports in the first half came from Paraguay, as has historically been the case. Brazil, however, which supplied between 2% and 10% of the soy imported by Argentina between 2016 and 2022, increased its share to 44% of the total in the first half of this year. In June alone, Argentina imported 1.1 million tons from Brazil, the exchange said.

Despite record imports, crushing in the first half totaled just 14.3 million tons, the lowest level in 15 years for the period.