China bought 77% of the soybeans it acquired in July from companies in Brazil, compared to a share of 67% a year earlier, according to Chinese official figures cited by Brazilian newspaper Folha de São Paulo.
The newspaper reported that in July China imported 7.76 million tonnes of soy – beans, flour and bran – and that of that total 6 million tonnes were purchased from Brazil.
Argentina was the second biggest supplier of soy to China, with sales of 1.62 million tonnes and a share of 21%.
The United States, the world’s largest soybean producer, exported a negligible amount of soy to China in July due to the fact that they are in a period between harvests and have low amounts of soy in storage.
From January to July China imported 46.3 million tonnes against 44.6 million in the same period of 2015, with Brazil responsible for 27 million of this total, and a 58% market share.
The United States came second with 16 million tonnes, according to the same official data.
The increase of 20% recorded in the first seven months of the year in Brazilian soy sales to China was due to greater availability of the product in Brazil and the devaluation of the real against the dollar making Brazilian soy more competitive. (macauhub/BR/CN)