December 27, 2007

China's soy imports from Brazil drop by 10 percent

China imported 8.43 million tonnes of soy from Brazil in the first nine months of 2007, a fall of 10.1 percent on-year, according to Beijing's customs services.

While the country's soy imports from Brazil and Argentina have fallen, imports from the US have risen to 8.22 million tonnes, up by 23.4 percent.

Argentinean exports of soy to China dropped by 0.1 percent to 4.85 million tonnes.

China's soy imports this period totaled 21.7 million tonnes, up 2.1 percent compared to the same months in 2006.

The value of these imports rose by 32.5 percent to US$7.36 billion at an average price per tonne of US$339.8, up 29.8 percent from 2006.

Chinese customs pointed that the increase in soy prices was triggered by increased demand, lower production and high transport costs worldwide.