(Yicai Global) May 3 -- Chinese e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA] has signed a strategic cooperation agreement with Argentina’s government this week to bring Argentine agricultural produce into the Chinese market.
The Argentine government hopes to bring special local products such as Malbec wine, red shrimp, king crabs and trout to Chinese consumers via Alibaba’s Tmall platform, Alibaba said in a press release today.
Annual bilateral trade between China and Argentina has hovered around USD15 billion in recent years. Trade between the two countries was USD15 billion last year, down 11.8 annual percentage points from the year before, per figures from Argentina's national statistics bureau. Argentine imports from China fell 11.0 percentage points annually to USD10.4 billion, and exports to China slipped 13.5 percent to USD4.66 billion.
The decrease in bilateral trade was due to slower economic growth in both countries, which led to a decline in import demand, and falling prices of primary goods and crude oil especially in recent years, analysts said.
Leaders from China and Argentina held several meetings last year, hoping to ease trade frictions through increased cooperation. With China’s rising middle class, demand for Argentine dairy and beef and other agricultural products is poised to rise.