On a total Argentinean export volume of 28 million tonnes of soybean meal, almost 40% is shipped to the European Union, writes Paul Andreani in an analysis of the soybean market in El Litoral.com.
The importance of the European Union (EU) as the main importing block of Argentinean soy meal is based on three countries: the Netherlands, Italy and Spain.
Argentine shipments of soybean meal to Europe reached 10.5 million tonnes (mt), almost 40% of total exports of the product reaching 28 million tonnes.
Of total exports to Europe, the Netherlands, Italy and Spain import a total of 7.3 mt, 70% of soybean meal exports to the EU.
The Netherlands is the largest importer with a volume of 3.3 mt, followed by Italy with 2.3 mt and Spain with 1.8 mt.
From 1996 on world demand for soybean meal, via trade, grew 26.7 mt, of which Argentina has increased its exports by 21.6 million, meaning that the country has captured 81% of global demand growth.
This is because the oil industry in Argentina is most competitive in soybean processing and subsequent export of meal and oil.
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