Beyond beef and dulce de leche: soybean meal leads Argentina’s exports to Spain

Argentina and Spain faced each other on Sunday, July 19, in the 2026 World Cup final, with Spain claiming the title after a 1-0 victory in extra time. Away from football, the two countries are also linked by a significant trading relationship—one in which Argentina’s leading export is far less visible than beef, wine or dulce de leche.

Soybean meal was Argentina’s largest export to Spain in 2024, generating $380 million in sales, according to the Observatory of Economic Complexity (OEC). Crustaceans ranked second at $329 million, followed by soybean oil at $141 million.

The figures may come as a surprise to consumers more accustomed to associating Argentina with beef and wine. Soybean meal rarely appears on supermarket shelves, but it plays a central role in Spain’s food supply chain as a protein-rich ingredient in feed for poultry, pigs and cattle.

Its presence is therefore largely indirect: Spanish consumers may never purchase a bag of soybean meal, but the commodity helps support the production of meat, eggs and other everyday foods.

Argentina is one of the world’s leading soybean processors and exporters. In 2024, the country shipped $8.69 billion worth of soybean meal worldwide, making it its largest export product by value.

Agricultural trade links Argentina and Spain

Trade between Argentina and Spain has a strong agricultural and food component. Soybean products and seafood—particularly crustaceans—are among the most important Argentine goods entering the Spanish market.

Spain also serves as a gateway for Argentine products entering the broader European market, while Argentine producers view it as a stable destination for agricultural and fisheries exports.

Spain imported soybean meal worth €338 million from Argentina in 2025, making the country its second-largest supplier after Brazil.

Shellfish are another major export

Alongside soybean meal, Argentine shellfish are among the country’s most valuable exports to Spain.

Shrimp and prawns caught in the South Atlantic have gained ground in recent years, supported by Argentina’s competitive fishing industry and strong European demand. Unlike soybean meal, these products are directly visible to consumers and are widely sold in Spanish supermarkets and restaurants.

Their higher unit value has made seafood one of the pillars of food trade between the two countries.

Exclusive data obtained by Datamar show that Argentina exported 1,165 TEUs of shrimp to Spain between January and May 2026, up 63.8% year over year. The chart below shows export volumes recorded in recent years:

Argentina Shrimp Exports to Spain | Jan 2023 – May 2026 | TEUs

Source: DataLiner (click here to request a demo)

Soybean meal remains an export powerhouse

Soybean meal also accounts for a significant share of Argentina’s overall export earnings.

The country exported approximately $75 billion worth of goods in 2024, with soybean meal ranking ahead of corn, soybean oil and crude petroleum as its largest individual export.

The commodity has remained one of the main drivers of Argentina’s overseas sales. OEC data show that soybean meal exports generated $835 million in May 2026 alone.

The product’s importance highlights a less visible side of Argentina-Spain trade. Although soybean meal is not something most households buy directly, it is embedded throughout the food production chain, making it one of the most strategically important commodities traded between the two countries.

Image created with Artificial Intelligence.

Source: adapted from Diario AS

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