Beijing customs data indicates that Chinese soy imports from Brazil (now its largest supplier), reached its highest level in two years in May. China is the world’s largest importer of soy.
Data from the General Administration of Customs of the Asian country indicate that the country imported 8.86 million tons of Brazilian soybeans in May, the highest volume since May 2018, and 41% more than the 6.3 million tons imported in May 2019. Brazilian soybean imports also grew by 49% in comparison with April.
Meanwhile, China’s soy imports from the United States fell almost 50% in May 2020 compared to May 2019, totaling 491,697 tons. It is the lowest monthly count since January 2019.
Now, China is expected to turn to the United States as the Chinese try to fulfill their agreement to boost agricultural purchases under the phase 1 trade pact with the Americans – Beijing repeated its commitment during talks in Hawaii last week.
The peak period for US shipments to China traditionally occurs during the last four months of the calendar year, and China has historically completed more than 40% of its entire year-long purchases from the United States during this window.