MercoPress. South Atlantic News Agency
Argentina imports 120.000 tons of soy-beans from United States
Argentina, the world’s third biggest soy producer, booked its largest purchase of U.S. soybeans in 20 years on Tuesday after drought cut its harvest, forcing crushers there to turn to imports. The surprise move pushed Chicago soybean futures to a one-month high, in the latest development to upend global soy trading after top buyer China last week proposed tariffs on U.S. imports amid an intensifying Washington-Beijing trade dispute. Read full article
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Disclaimer & comment rulesSo much for the 'supermarket of the world' that Macri said Argentina would become.
Apr 13th, 2018 - 10:06 pm - Link - Report abuse 0Buying soy from the U.S. while not an Argentine lemon and not a drop of biodiesel have been exported to that country is but another affront of a president too eager to please the U.S. and (western) Europe.
Even Macri can't control the weather, EM. I suppose CFK would have banned imports of soy and to hell with the industries that process it.
Apr 13th, 2018 - 10:34 pm - Link - Report abuse 0@DT
Apr 14th, 2018 - 04:33 pm - Link - Report abuse 0“Even Macri can't control the weather, EM.”
I am reassured. If Macri had also control over the weather, Argentina would be irreparably doomed.
Anyway. Supposing what a government that ceased to exist over two years ago would have done is a bit adventurous.
Instead, let's take a look at current realities:
After the visit of U.S. VP Mike Pence in August 2017, it was announced that Argentina was open to pork meat imports from the U.S.
And Argentina's Agriculture secretary Ricardo Negri said imported pork would not threat local producers.
Importing pork was part of negotiations towards opening the U.S. doors to Argentina lemons and beef meat.
“The United States in May reopened its market to Argentina lemons for the first time in 15 years. However, Argentina has yet to export one lemon to the United States,” noted CNBC on April 13.
“The United States upheld steep duties on imports of biodiesel from Argentina, penalties that brought such shipments to a virtual halt,” the same story noted.
So what is the big picture? Not flattering.
According to the Office of the United States Trade Representative, “U.S. goods and services trade with Argentina totaled an estimated $24.2 billion in 2016. Exports were $17.3 billion; imports were $6.9 billion.”
https://ustr.gov/countries-regions/americas/argentina
What Trade Economics says about it?
“Argentina’s trade deficit widened sharply to USD 903 million in February of 2018, compared to a USD 217 million gap a year before and to a USD 464 million deficit expected by consensus. It was the fourteenth straight monthly deficit and the largest for any February.”
Nobody can say Macri is not a good fellow. After all, he is helping big time the United States' economic recovery.
Okay, let's ignore the previous government. What would you like Macri to have done? Put import tariffs on US soybeans? AFAIK there are rules against that at the WTO. Put tariffs on all soybean imports? That's bad economics.
Apr 16th, 2018 - 06:21 pm - Link - Report abuse 0Commenting for this story is now closed.
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