Chinese imports of Brazilian soy grew 27.4% YoY in May

Chinese imports of Brazilian soy grew 27.4% in May year-on-year, due to a large volume of shipments from Brazil.  Data released by China on June 7th shows that it imported 9.38 million tons of soybeans in May, whereas in May 2019 only 7.36 million tons were imported. It was the biggest monthly increase since December 2019.

Rainfall in late February delayed Brazil’s harvest and exports, which impacted exports in March and April. China’s soybean and soybean stocks fell to record lows, forcing some soy processors to halt operations.  But shipments from Brazil increased along with the improvement of the climate and Brazilian soy exports in April had a record of 16.3 million tons, well above the 11.64 million tons of March.  China also ordered some shipments of soy from the USA this year, to fulfill its commitments in Phase 1 of the trade agreement between the countries.

The following chart shows Brazilian soy exports to China and the rest of the world per month:

Graphic source: DataLiner (To request a DataLiner demo click here)

Source of report: Reuters

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