January 25, 2021

China soy imports from the US up, imports from Brazil decline



Data from China's General Administration of Customs showed the country imported more soybean from the US in 2021 compared to the previous year thanks to a trade deal agreed between both countries, but imports from Brazil have declined due to bad weather, Reuters reported.


China imported 32.3 million tonnes of soybeans from the US in 2021, 25% higher than the 25.89 million tonnes in 2020.


Soybean imports from Brazil in 2021 was at 58.15 million tonnes, 9.5% lower than the 64.28 million tonnes imported in 2020.

China is the biggest soybean importer in the world.


China increased US agriculture purchases in 2021 by no less than US$19.5 billion more than a baseline of US$24 billion worth of imports in 2017, following an trade agreement signed in January 2020 between both countries.


Bad weather in Brazil delayed Brazilian exports in the first months of the year, pushing Chinese buyers to US soybeans.


China increased soybean purchases in the first few months of 2021 as it recovered from a widespread African swine fever (ASF) outbreak.


China imported 21.57 million tonnes of US soybeans in the first half of 2021, 133% higher compared to the 9.24 million in 2020.


Soybean imports from Brazil came up to 26.13 million tonnes between January to June 2021, 20% lower compared to the 32.55 million tonnes in 2020.


China's soybean crushing margins fell to record lows in June as swine margins dropped, lowering demand for soybeans.


In addition, US soybean exports were delayed in the latter half of the year after Hurricane Ida hit major grains terminals in the US in the fall.


China's total soybean imports in 2021 were 96.52 million tonnes, 3.8% lower than 2020.


-      Reuters

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