BEIJING: China’s soybean imports from Brazil shrank 25% in November from a year earlier, while shipments from the United States rose as buyers concerned about rising trade tensions between Washington and Beijing raced to secure supplies.
The world’s largest soybean buyer received 2.79 million metric tons of US soybeans in the month, compared to 2.29 million tons a year ago, according to the General Administration of Customs data on Friday.
China imported a total of 7.15 million tons of soybeans in November. For the 11 months of 2024, China imported a total of 97.09 million tons of the oilseed, on track for an annual record as U.S exporters rushed to move their shipments before incoming president Donald Trump enters the White House.
Tariff threats from Trump, who will be sworn in on Jan. 20, have sparked fears of another trade war between Washington and Beijing that could halt soybean trade.
Shipments from the U.S, the world’s second largest producer, have been surging since April.
However, despite the decline in Brazilian imports, the majority of China’s imports for November came from the country at 3.94 million tons. Meanwhile, arrivals from Argentina surged to 242,227 tons from 54,214 tons a year earlier.
For the January-November period, China’s total US soybean imports fell 9% from a year ago to 17.88 million tons. Total shipments from Brazil during the 11 months rose 10% to 71.7 million tons.
Soybeans set for first weekly gain in a month on booming US exports
China’s Sinograin has bought nearly 500,000 tons of US soybeans this week for shipment in March and April, paying more for US supplies for state reserves rather than buying cheaper Brazilian beans, two US traders familiar with the deals said.
Sinograin’s latest purchases follow deals China booked last week for around 750,000 tons for shipment from January to March.
Comments
Comments are closed for this article.