China’s imports of Brazilian soybeans increased in the first quarter

Chinese soybean imports from Brazil increased significantly in the first two months of 2022 compared to the same period last year, according to customs data released on the 22nd.

According to data from the General Customs Administration, China, the world’s largest soybean buyer, purchased 3.51 million tonnes of the oilseed from Brazil in this two-month period, up 241% from the 1.03 million tonnes last year.

Last year, severe rainfall delayed the harvesting process in Brazil and, subsequently, exports as well. Brazil is China’s largest supplier of soybeans.

This year, drought has slowed down harvesting and shipments, squeezing the supplies in China and forcing crushers to halt operations and push bran prices to record levels.

Despite all the circumstances, soybean arrivals were still higher than before.

China also brought in 10.04 million tonnes of soybeans from the United States in the first two months of 2022, down 16% from 11.9 million tonnes a year ago, according to customs data.

In early 2021, the country increased its purchases of agricultural products from the United States to follow through with the commitments laid out in the trade agreements signed by the two countries in January 2022.

Source: Money Times

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https://www.moneytimes.com.br/importacoes-da-china-de-soja-do-brasil-aumentam-no-1-bimestre/

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