Imports of Brazilian soy by China surge 71% in October

In the past month, China has surged its imports of Brazilian soybeans by a staggering 71%, according to recent data released by the General Administration of Customs on the 27th. More attractive prices have driven this remarkable increase due to the large crop in Brazil.

Official figures reveal that China purchased 4.81 million tonnes of soybeans from Brazil in October. This substantial expansion in purchases directly reflects Brazil’s bumper soybean crop, exerting a significant impact on Chinese imports during the last months of 2023, historically dominated by newly harvested soybeans from the United States.

While imports from the U.S. plummeted from 772,787 tonnes the previous year to only 228,264 this year, a departure from the usual trade pattern is evident. Despite Chinese purchases from U.S. producers being much lower than usual this year, China, the world’s largest soybean importer, has recently secured significant quantities of the commodity from the U.S.

This wave of intensive buying coincides with an irregular weather scenario that has affected the start of the soybean planting season in Brazil, the global leader in soybean production.

In total, Chinese soybean imports reached 5.16 million tonnes last month. In the first ten months of 2023, the Asian country imported 59.68 million tonnes of soybeans from Brazil, marking a 21% growth compared to the same period the previous year. Meanwhile, U.S. imports experienced a 1.8% decline, reaching 18.78 million tonnes.

Furthermore, Chinese imports of Brazilian corn hit the 1.8 million tonnes mark in October, nearly the entirety of the 2.04 million tonnes shipped to the country last month. This scenario underscores the presence and significant importance of Brazilian agricultural products in the Chinese market, reflecting global agricultural trade dynamics changes.

Source: Ponta Porã Informa

To read the original news report, please refer to: https://www.pontaporainforma.com.br/importacoes-da-soja-brasileira-pela-china-cresceram-71-em-outubro/

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