Source: APKinform (Ukraine)
According to the country’s General Administration of Customs (GACC), China imported 12.14 million tons of soybeans in August, of which 84.3% or 10.24 million tons of oilseeds came from Brazil, reports Reuters.
At the same time, purchases of US soybeans amounted to only 202,000 tons in August. Market participants suspect that the low demand could reflect concerns over an escalation of trade tensions between China and the US in the event of a Donald Trump victory in the presidential election in November.
In total, China imported 53.8 million tons of Brazilian soybeans from January to August 2024, 217% more than in the same period in 2023, while imports from the US fell by 73% year-on-year to 12.8 million tons.