China's July Imports of US Soybeans Decline, while Shipments from Brazil Surge

22 Aug, 2023

China's July Imports of US Soybeans Decline, while Shipments from Brazil Surge

In July, China's soybean imports from the United States experienced a significant decline of 63% compared to the previous year. Meanwhile, shipments from Brazil, which stands as China's leading supplier, demonstrated a noteworthy surge of 32%. This surge and decline were attributed to an abundant crop in Brazil and the prevalence of lower prices in the Latin American nation.

For the month of July, China, recognized as the world's primary soybean buyer, imported a total of 142,150 metric tons of soybeans from the United States. This marked a notable drop from the 381,568 tons imported during the same month in the previous year. This data, sourced from the General Administration of Customs, underscored the contrasting trends in soybean sourcing.

In spite of this decrease, the United States upheld its role as China's second-largest soybean source. Throughout the first seven months of the year, shipments of US soybeans constituted 31.9% of China's complete soybean imports, highlighting its enduring importance within this industry.

In the broader context of the January-to-July period, soybean shipments from the United States demonstrated a year-on-year increase of 10.8%, amounting to a total of 19.85 million tons.

In parallel, China experienced a robust increase of 32.4% in its soybean imports from Brazil during July compared to the previous year. This influx amounted to 9.23 million tons, with Chinese buyers capitalizing on the more economical prices being offered by Brazil.

Across the broader timespan of January to July, China's soybean imports from Brazil exhibited a significant rise of 12.2%, tallying up to 38.9 million metric tons. This surge meant that Brazil's contribution accounted for an impressive 62.4% of China's total soybean imports for the year up to that point.

In terms of corn imports, the month of July saw a decline of 42.4% in shipments from the United States, amounting to 871,733 metric tons. Meanwhile, Ukraine, the second-largest corn supplier, dispatched 550,388 metric tons during the same period. Furthermore, Bulgaria's role as a corn supplier saw it reaching a total of 196,828 metric tons in July, positioning it as the third-largest supplier.

Brazil, a significant player in the corn market, ranked fourth in July with corn arrivals totaling 57,750 metric tons. Impressively, Brazil's maize exports via its southern ports recorded a remarkable 221% increase during the first half of the year. This surge was notably fueled by the absence of Ukraine from the market during that time frame.