Farmers dry corn in Nanguanbei village, East China's Shandong Province, on October 23, 2023. Photo: VCG

Argentine corn has reportedly gained export clearance for the China market, which will contribute to bilateral trade growth, Chinese experts said on Wednesday, adding that increased trade in agricultural commodities will be conducive to the development of bilateral ties.

On Tuesday (local time), Argentina's government said that China had authorized for import two varieties of herbicide-tolerant genetically modified corn grown in the country, Reuters reported.

Shipments of corn for animal feed could start as early as July, according to the report.

The clearance could see corn trade between China and Argentina, the world's No.3 corn supplier, resume after a multi-year hiatus, according to the report.

Jiang Shixue, a professor at the Center for Latin American Studies at Shanghai University, told the Global Times on Wednesday that increments in trade will contribute to the development of bilateral ties based on mutual respect and benefits.

"Exporting more goods to China and generating additional revenue streams will also boost the economy of Argentina, which is currently facing difficulties," Jiang said.

In an exclusive interview with the Global Times at the end of April, Argentine Foreign Minister Diana Mondino said that there is potential for China and Argentina to further strengthen cooperation in agriculture, as well as in the mining of minerals such as lithium and in the energy sector.

More diversified supplies will enhance China's food security and help keep prices of corn stable in the domestic market, industry insiders noted.

However, they also said that increased imports from Argentina will cause no fluctuations in the supply/demand dynamics in the corn trade in China.

In 2023, China imported more than 27 million tons of corn, up 31.6 percent year-on-year. Of the total, 47 percent came from Brazil, with the US in second place, customs data showed.

Imported Brazilian corn is unloaded at a port in Nantong, East China’s Jiangsu Province on January 22, 2024. Photo: VCG

In 2023, Argentina was not among China's top suppliers of corn.

An industry insider surnamed Gao told the Global Times on Wednesday that judging from the balance sheet of Argentina's corn trade in the past few years, it seems there isn't much of a surplus that the South American country can export to China.

A report published by the Chinese Academy of Agricultural Sciences in May estimated that China's net imports of corn may reach 25.64 million tons in 2024.

In the first four months, China's trade with Argentina dropped by 34.7 percent year-on-year to $3.97 billion, customs data showed on May 18.

Global Times