Chinese soy imports from Brazil drop in August

11 September 2012

Brazilian soy exports to China totalled 21.6 million tons, and a value of US$11.2 billion in the first eight months of the year, as compared to 17.5 million tons and a value of US$8.6 billion in the same period of 2011, according to official figures from Brazil.

However, in August Brazilian soy exports to China totalled 1.85 million tons and a value of US$1.078 billion, which represented a drop against July, in which Brazil sent 2.741 million tons of soy to China worth US$1.491 billion.

The Brazilian press reported that the drop seen in August was due to large acquisitions in the first half of the year, with China buying up harvests ahead of time because of a continuing rise in prices.

Meanwhile, the Brazilian government, via the country’s export and investment promotion agency, Apex-Brasil, is negotiating with China to increase exports of industrial products, given that 80 percent of Chinese imports of Brazilian products are raw material, such as soy, iron ore, and oil. (macauhub)