BEIJINGNovember 20 – China’s soybean imports from Brazil fell 15% in October compared to the same month a year earlier as high prices and lack of profits in processing dampened appetite for buying from the South American country.
Imports from the United States were unchanged from a year earlier, according to data released Sunday.
China, the world’s largest soybean buyer, imported 2.8 million tons of oilseeds from Brazil in October, up from 3.3 million tons in the same month a year earlier, according to the General Administration of customs.
Total soybean imports fell 19% year-on-year in October to 4.14 million mt, the lowest figure for any month since 2014.
The extreme drought that curtailed Brazil’s crop pushed up oilseed prices earlier this year and eroded profits for Chinese oilseed processors, who also faced weak demand from part of the farmers in the first semester.
Soybean purchases from the United States, China’s second largest supplier, fell to 772,938 tons from 775,331 tons in the same month a year earlier.
In the first 10 months of the year, China bought 49.31 million tons of Brazilian soybeans, compared to 52.75 million tons in the same period of 2021.
Imports from the United States between January and October were 20.1 million tons, compared to 22.57 million a year earlier.
