Soybeans sold to China in January by producers from Brazil – 2.07 million tons – represented a year-on-year increase of 720% and accounted to just under a quarter of the total tonnage imported by Chinese companies, compared to a quota of 3.3% in January 2017, the Reuters news agency reported.
In the first month of the year, China imported 5.82 million tons of soybeans from the United States, or 67% of the total, representing a year-on-year drop of 14% and of 21.5 percentage points in the share of US companies.
Reuters reported that the drop in imports of soybeans produced in the United States is due to a drop in protein content, paving the way for soybeans with a higher protein content produced in Brazil to gain market share.
Brazil overtook the United States in 2017 to become the main supplier of soybeans for China, with 50.9 million tons, an increase of 33.3% compared to the tonnage recorded in 2016.
China imported about 95.5 million tons of soybeans in 2017, with the United States selling 32.8 million tons, down 3.85%, followed by Argentina, which exported 6.58 million tons to the Chinese market, with an annual decline of 17.8%. (macauhub)