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Informist, Friday, Sept. 26, 2025

 

By Taniva Singha Roy, Shreya Shetty and J.Navya Sruthi

 

MUMBAI – India has imported 500,000 tonnes of soyoil from Argentina in the last four days and China has imported 1 million tonnes of soybean from the country during the same period. The bulk imports came as Argentina's government on Monday temporarily did away with export duties on agricultural commodities such as soy, maize, and wheat and their by-products, Vicky Makhija, research analyst at GGN Research International, told Informist on the sidelines of the Globoil event here.

 

During these four days, India bought soyoil from Argentina at $1,100 per tonne, down $30-$40 from the previous price, the research analyst said.

Argentina temporarily removed export duties on soybean and its byproducts on Monday to incentivise foreign currency inflow, following a prior period of permanent reduction in July and temporary cuts in January. The suspension was set to last through the end of October, or until declared exports reached $7 billion. On Wednesday, however, the country reimplemented the taxes on these commodities as exports hit the target of $7 billion in just two days. 

 

India, the world's largest buyer of vegetable oils, typically imports around 300,000 tonnes of soyoil a month. During Nov-Aug, the first 10 months of the oil year 2024-25, India imported 2.4 million tonnes of crude soybean degummed oil from Argentina, according to data by the Solvent Extractor's Association of India.

 

Although the early onset of the monsoon boosted kharif sowing in key oilseed-growing regions, heavy rainfall in major parts of the country has damaged the soybean crop. "Imports of soyoil from Argentina are likely to increase further in the coming days as India is in need of soyoil," said Makhija. India's soybean is yet to be harvested and a lot of crop in several parts of the country is damaged due to heavy rainfall, he said.

 

As of Sept. 19, the area under soybean was down nearly 5% on year at 12.04 million hectares. Meanwhile, the area under oilseeds fell nearly 3% to nearly 19 million hectares, as farmers shifted to maize and paddy for better returns.  End

 

Edited by Avishek Dutta

 

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