China’s soybean imports from the United States rose 70% in August from a year earlier, customsdata showed on Friday, as buyers took advantage of low soybean prices.
Shipments from the U.S., its second-biggest supplier, have gained pace since April, though volume remains much smaller than top producer Brazil.
China imported 202,383 metric tons of the oilseed from the U.S. last month compared with 119,105 tons a year earlier, showed data from the General Administration of Customs.
Imports from Brazil rose 12% to 10.24 million tons.
The world’s biggest soybean buyer brought in a record 12.14 million tons of soybeans in August amid concern that trade tension with the U.S. could intensify and hurt soybean trade if Republican candidateDonald Trump returned as president following a November election. CNC-SOY-IMP
The large arrivals further swelled China’s soybean surplus as consumption of meat and dairy weakens in a struggling economy.
Soybean is crushed into meal for animal feed and oil for cooking.
Soybeanimports from Brazil for January-August totalled 53.8 million tons, a 217% increase from the same period last year.
Arrivals from the U.S. for the sameperiod came to 12.8 million tons, down 73% on the prior year, the data showed.
Source: Reuters