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In the first month of the financial year 2024/2025, the export of soybean meal from Argentina to the European Union increased by 40.1%, according to EU data, which represents a significant shift in the EU's import structure.
The overall import of soybean meal remained stable overall. However, significant changes occurred in its distribution: Argentina obtained a larger market share, while Brazil's exports decreased.
The level of Brazilian exports decreased. By the end of July, the EU imported 610,000 tons of soybean meal from Brazil, accounting for 46.7% of the total import volume. This is less than the 940,000 tons imported during the same period last year, which accounted for 51.1% of the total volume.
The share of Argentina and the United States in the EU's soybean meal imports increased significantly. Argentina became the second largest supplier of soybean meal, exceeding 520,000 tons compared to just over 220,000 tons the previous year. Argentina's share of imports reached 40.1%.
The United States also saw an increase in its exports to the EU, reaching 50,000 tons compared to 30,000 tons last year. The U.S. share of total soybean meal imports to the EU grew from 2.0% to 3.9%.
Overall, in the first month of the financial year, the EU imported 1.3 million tons of soybean meal, in line with last year's figures.
This significant growth in Argentine soybean meal exports to the EU underscores the changing dynamics in global agricultural trade. While Brazil remains the largest supplier, the sharp increase in Argentina's market share indicates changing competitive conditions and supply chains. Market participants in the soybean meal sector should carefully monitor these trends, as they may signal long-term changes in trade patterns and market strategies. The evolving situation highlights the importance of flexibility and strategic planning in the face of shifting global demand and supply.
