Argentina reaches deal on China soyoil row-govt
29/06/2010 12:00
BUENOS AIRES, June 25 (Reuters) - Argentina has reached an agreement with China to end the Asian giant's freeze on Argentine soyoil imports, the government said on Friday, but some traders were skeptical the trade dispute had been resolved.
China, the world's largest buyer of soyoil, halted shipments from Argentina, the top global exporter, in late March in retaliation for anti-dumping measures imposed by the South American country on some Chinese manufactured goods.
"Thanks to the talks the Argentine government has been holding with China. soyoil exports to China have been normalized," Pablo Lopez, an agriculture ministry spokesman told Reuters.
The spat threatened a key hard currency earner for Argentina and forced Argentine exporters to look for new soyoil markets as exports to China slowed.
In a move that ignited the dispute, Beijing imposed new import standards on soyoil from Argentina.
Argentina exported 1.84 million tonnes of soyoil to China last year, bringing in $1.4 billion and accounting for 77 percent of Chinese soyoil imports.
Traders questioned the news, saying they were waiting for an official announcement from Beijing.
"We've heard rumors but I'd like to see confirmation from China's government," one trader who asked not be named said.
"It wouldn't be the first time Argentina announces something and another country hasn't agreed to it yet," the trader added.
Several shipments from Argentina to China set for April and other months were delayed but not canceled while the two countries reached a solution.
"It's odd that with Argentine soyoil $40 to $50 cheaper than other countries, not a single Chinese importer is asking us to load the contracts that we had already agreed upon," another trader said.
(Additional reporting and writing by Luis Andres Henao; Editing by Marguerita Choy)
Fri Jun 25, 2010 5:13pm EDT
By Nicolas Misculin
Source: www.reuters.com
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