Sao Paulo, Brazil, 15 June – Brazil’s soy exports to China fell 11.3 percent year on year between January and May to 9.2 million tons according to figures published Monday by the Brazilian Ministry of Agriculture.
The drop in Brazilian exports to the world’s largest buyer of soy affected Brazil’s total sales, which reached 13.5 million tons, as compared to 14.4 million tons between January and May 2010.
The reduced sales to China came as a result of a Chinese government decision to auction of public stocks of soy oil, thus reducing import requirements, as well as a delay in the soy harvest in Brazil due to the weather.
In May Brazil once again exported a lower amount of soy to China (3.7 million tons) than in the same month of last year (4.2 million tons), but the Brazilian Association of Vegetable Oil Industries (Abiove) said that this was an improvement on previous months, thus export projections for the year remained unchanged.
Abiove, which projects growth of over 10 percent in soy exports this season, to 32.4 million tons, is expected to update its forecasts soon, but the association’s economist Rodrigo Feix said that the new figures were unlikely to show “significant corrections.” (macauhub)