China July soybean imports from the US down 62.3% on year

BEIJING: China’s soybean imports from the United States fell 62.3% in July from a year earlier, data showed on Sunday.

The world’s top buyer of soybeans imported 142,129 metric tons of the oilseed from the United States in the month, down from 377,192 tons a year earlier, data from the General Administration of Customs showed.

However, the United States remained China’s second-largest soybean supplier, as its oilseed in the first seven months accounted for 31.9% of China’s total soybean import.

From January to July, soybean from the United States rose 13.9% year-on-year to 19.85 million tons.

The oilseed from China’s largest supplier, Brazil, rose 32.4% in July from a year earlier to 9.23 million tons, as Chinese buyers took advantage of a bumper crop and cheap price of the oilseed in Brazil to ramp up purchasing.

From January to July, China imported 38.9 million metric tons from Brazil, up 12.2% on year.

Brazilian soybean accounted for 63.5% of China’s total soybean in the first seven month’s import.