China’s soybean imports from the US increased while Brazilian shipments dropJan, 20, 2022 Posted by Gabriel Malheiros
Customs data released on January 20, 2022, indicate that China’s soybean imports from the United States increased in 2021 compared to 2020 figures, amid increased purchases from Beijing under a trade agreement with Washington, while annual Brazilian shipments fell.
China, the world’s largest soybean buyer, obtained 32.3 million tons of the oilseed from the USA in 2021, up 25% compared to the 25.89 million tons purchased in 2020, according to the country’s General Customs Administration.
On the other hand, annual imports from Brazil totaled 58.15 million tons, down 9.5% compared to the 64.28 million bought in 2020.
Under the terms of the new trade agreement signed with Washington, China has agreed to add 19.5 billion dollars to its purchases of US-grown agricultural products up from the 24 billion dollars baseline registered in 2017.
While China increased the purchase of agricultural products from the US to comply with the trade agreement signed in January 2020, the Asian country postponed the acquisition of the Brazilian soybeans due to adverse weather conditions in Brazil, which delayed the harvest of the crop and helped to widen the US export window.
Chinese grinders sought to increase soybean imports in early 2021 in order to boost soybean meal production to feed the country’s swineherd, which was quickly recovering from the ravages of an African swine fever outbreak.
China purchased 21.57 million tonnes of US soybeans in the first half of 2021, up 133% from 9.24 million tonnes a year earlier.
Brazilian grain shipments, on the other hand, fell 20% to 26.13 million tons in the first half of 2021, compared to 32.55 million tons in 2020.
After the sow herd slackened, China’s crush margins fell to their lowest level in June, reducing the demand for soybeans in general.
China’s soybean imports in 2021 were 96.52 million tonnes, down 3.8% from 2020 as falling margins weighed on demand.
According to customs data, China imported 6.09 million tonnes of soybeans from the United States in December, nearly doubling the previous month’s total, as more cargo arrived after earlier delays caused by Hurricane Ida.
The total import number rose 4% from the 5.84 million tonnes China bought from the US a year earlier.
Brazilian shipments in December were 2.12 million tonnes, up 80% from the previous year’s 1.18 million tonnes but 43% down from 3.75 million tonnes in November, the data showed.
Source: Money Times
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