China’s soy imports rose 1.5% in first four months of 2020 YoY

China, the biggest importer of food and energy in the world, bought more crude oil, natural gas, and soybeans in the first four months of the year when compared to last year, according to the country’s customs data.  The country imported about 170 million tons of crude oil in this period, an increase of 1.7% year-on-year, while imports of natural gas increased by 1.5% over the same period comparison, totaling 32.33 million tons, according to the General Administration of Chinese Customs. Coal imports increased by 26.9%, totaling 130 million tons. During this period, China’s soybean imports grew 0.5% compared to the previous year, totaling 24.51 million tons, with the average purchase price falling by 2.8% making it 2,798.4 yuan (US$394) per ton.

Amid disruptions caused by the COVID-19 pandemic, China’s exports and imports fell 6.4% and 3.2%, respectively, in the January-April period, leading to a 30.4% drop in the trade surplus.  The following chart shows Brazilian soy exports to China and the rest of the world on a month by month basis:

Chart source: DataLiner

Source of report: Xinhua Agency

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