China Takes Lion’s Share of Brazilian Soybean Exports at 75%

Soybean exports from Brazil surged to 2.3 million tonnes in January, marking a significant uptick from the 944.3 thousand tonnes shipped during the same period in 2023, according to data released by the National Association of Exporters (Anec) on Wednesday (7/2).

The bulk of these exports, some 1.7 million tonnes, were destined for China, the world’s largest buyer of soybeans, representing 75% of the total exported.

However, there are indications that Chinese imports may slow down in the coming months, reflecting a longer-term trend of decreasing demand.

The chart below shows the volume of soybeans exported through Brazilian ports to China every month between January 2020 and December 2023. The data is from DataLiner.

Soybean Exports from Brazil to China | Jan 2020 – Dec 2023 | WTMT

Source: DataLiner (click here to request a demo)

Anec, in its report, anticipates that any substantial deviations in soybean volumes purchased by China will become apparent in future shipments due to the slowdown observed at the beginning of 2024.

Soybean meal exports saw a robust increase of 22.7% in January compared to the same period last year, reaching 1.75 million tons. Conversely, corn shipments declined by 29.4%, totaling 3.43 million tonnes. Wheat exports, on the other hand, experienced a modest increase of 5.2%, reaching 685.10 thousand tonnes.

Looking ahead to February, projections suggest a slowdown in soybean and corn exports compared to the same month last year. Soybean shipments are expected to reach 7.3 million tonnes, slightly lower than the 7.5 million tonnes recorded in February 2022.

Corn exports are forecasted to decline from 1.9 million tonnes in February 2023 to 773.9 thousand tonnes. Wheat exports are also expected to decrease, with projections at 497.9 thousand tonnes, falling short of the 522.9 thousand tonnes shipped in February of the previous year.

Soybean meal, however, is anticipated to buck this trend, with projected shipments of 1.7 million tonnes, surpassing the 1.2 million tonnes sold in February 2023.

Source: Globo Rural

Click here to read the original news text: https://globorural.globo.com/agricultura/noticia/2024/02/china-respondeu-por-75percent-das-exportacoes-de-soja-do-brasil-em-janeiro.ghtml

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