China Has Become Argentina'S Largest Trading Partner For The First Time This Year.
Although China's emergence as a trading power has aroused concern in Mexico and many manufacturing countries in Central America, it is a golden opportunity for Argentina. In dollar terms, Argentina's exports to China increased by 150% over the same period last year. Economists believe that Argentina must continue to expand exports to fully recover from the financial crisis in December 2001, while China is an ideal partner.
In December this year, the Minister of foreign affairs of Argentina will visit China. The visit will further strengthen bilateral economic and trade relations and prepare for the visit to China by the president in the first half of next year. In the 1-8 month of this year, Argentina's exports to China amounted to US $1 billion 800 million, of which 75% were agricultural products, especially soybeans. China imports 21 million tons of soybeans annually, of which 30% comes from Argentina. The Sino Arab chamber of Commerce in Buenos Aires believes that although Argentina's exports to China are dominated by agricultural products, it will probably expand to other products such as wine and fish products in the future. At present, China has become the tenth largest export destination for Argentina wine. The seventh largest buyer of fish products, the largest importer of wool, is also an important importer of Argentina leather.
However, Argentina exporters also complain that China's import rules are too complicated, bureaucratic and lack of predictability. A member of the Argentina grain exporter Association complained that "you have to face provincial, municipal and private agents. They seem to have different rules. In addition, you have to apply for an import license to the central government."
In addition, the lack of predictability in policy is also a big problem. For example, a few years ago, the Chinese government decided to encourage local enterprises to increase soybean oil production, while Albanian enterprises knew nothing about it. After a few years, the Chinese market, once the most important buyer of soybean oil in Argentina, vanished overnight. This makes it impossible for Albanian enterprises to make a major investment decision because "you don't know what products China will import in 5 years."
In the short term, China's uncertainty about GM products has raised concerns in Argentina because Argentina soybean 95% is genetically modified.
Nevertheless, both the Argentina government and enterprises believe that as China joined the WTO in December 2001, China is increasingly adopting the internationally accepted trade rules, which will eventually eliminate many risk factors.
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