Chart of the Day: China imports of Argentine soybean oil
Argentina announced that it would be raising export taxes on soybean meal and soybean oil by 3% in an attempt to curb inflation in the country.
In 2021, Argentina was the largest supplier of soybean oil to China, accounting for 41% of its imports.
Although China’s domestic soybean oil production is large at 16.5 million tons per year, imports have increased in recent years and represents around 6% of the country’s soybean oil supply.
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