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China's Jan-Feb Soybean Imports From US Up Six-Fold Y/Y At 6.101 Million Tonnes

25 Mar 2020 1:29 pm
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MUMBAI (Commoditiescontrol) - China’s soybean imports from the United States in the first two months of the year rose sixfold from the same period last year, customs data showed on Wednesday, as cargoes booked during a trade truce between the countries arrived.

China, the world’s top importer of the oilseed, brought in 6.101 million tonnes of US soybeans in January and February, up from 1.044 million tonnes in the same months in 2019, when shipments were still largely curbed because of the Sino-US trade war.

The imports were in line with China’s shipments from the US in December, which had surged to 3.09 million tonnes, 44 times the level a year ago.

Chinese crushers have bought American soybeans in several rounds of purchases following a trade truce agreed in December 2018, and after Beijing issued waivers to importers that would exempt them from extra tariffs on some US cargoes.

Shipments from Brazil in the first two months of the year came in at 5.14 million tonnes, down 26 percent from 6.916 million tonnes last year, according to the data from the General Administration of Customs.

China’s total soybean imports in the first two months of 2020 jumped 14.2 percent year-on-year to 13.51 million tonnes, according to customs data released on March 7.


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