November 22, 2023

China's soybean imports from Brazil surge 71% in October

China witnessed a substantial 71% surge in soybean imports from Brazil in October compared to the same period last year, fuelled by the allure of more affordable prices resulting from a robust crop in the South American nation, Nasdaq reported.

According to data from China's General Administration of Customs, China imported 4.81 million metric tonnes of soybeans from Brazil last month.

This spike in imports aligns with expectations that record supplies from Brazil will dominate China's soybean imports in the final quarter of 2023. Traditionally, this period is characterized by a preference for freshly harvested United States soybeans.

However, in October, arrivals from the US, China's second-largest soybean supplier, dwindled to 228,264 tonnes from 772,787 tonnes a year ago.

While China's purchases from the US had been below the usual pace earlier in the year, recent weeks have seen a surge in large US soybean cargo bookings, indicating an uptick in buying activity by the world's largest soybean importer.

This increased momentum in soybean imports coincides with uneven weather conditions affecting the start of the soy growing season in Brazil, the globe's leading soybean supplier. The total soybean imports by China in October reached 5.16 million tonnes.

In the first ten months of 2023, China has imported a total of 59.68 million tonnes of Brazilian soybeans, marking a significant 21% increase compared to the same period last year. On the other hand, total US imports for the year have experienced a 1.8% decline, standing at 18.78 million metric tonnes.

-      Nasdaq