China soybean imports up 2.5% in MayJun, 08, 2021 Posted by Ruth Hollard
China imported 9.61 million tons of soybeans in May, 2.5% more than in the same month of 2020 and 29% more than in April of this year, according to the country’s customs service.
In the first five months of the year, Chinese imports totaled 38 million tons, an increase of 12.8% over the same period last year.
See the chart below for a history of Brazilian soy exports to China since 2018:
Brazilian Soybean Export (HS 1201) to China | Jan 2018 to Apr 2021 | WTMT
Graph source: DataLiner (click here to request a demo)
According to Commerzbank, purchases in April were lower because rains in Brazil delayed the harvest and shipments. “These effects are disappearing now, with many ships containing Brazilian soybeans in the process of clearing customs at their ports of destination in China,” says the bank in a report. “In other words, imports in June should still be particularly high.”
The period from May to June is characterized by high imports by China, as it is the post-harvest period in Brazil, which is the world’s largest supplier of soybeans.
Source: Valor Econômico
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