Brazilian soybean exports see strong growth
May, 04, 2020 Posted by Sylvia SchandertWeek 202019
DataLiner data show that Brazilian soybean exports in March 2020 grew 23% compared to the same month last year, reaching 11,620,537 tons. Grain exports to China were the main driver, with 44.9% growth over the same time period, reaching 8.2 million tons. The following graph shows exports from Brazil to China since 2015 and how this compares with the rest of the world:
According to the analyst at Safras e Mercado, Fernando Gutierrez, “in 2020 the trend is that Chinese demand for Brazilian soybeans is slightly less than or equal to 2019,” when Brazil exported 58 million tons of oilseeds to the Asian country.
It is worth remembering that China reduced its global demand last year, due to the swine fever that decimated its herd of pigs. That is because the Asian country spends almost half of what it buys on pig production, according to the United Nations Food and Agriculture Organization (FAO).
Moreover, the Brazilian soy sector is confident it will be able to continue to bear up despite China’s commitment to buy US$32 billion in agricultural products from the US for two years, under the agreement that Washington and Beijing signed in January to suspend their trade war. This is because they believe Brazilian soybeans are more competitive than American soybeans.
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