China’s soybean imports from Brazil plummeted by 25% in November compared to the same month last year, as tensions between Washington and Beijing prompted Chinese buyers to stockpile U.S. soybeans. According to data released Friday by China’s General Administration of Customs, the country imported 2.79 million metric tons of soybeans from the U.S. in November, marking a significant increase from the 2.29 million tons received in November 2023.
In total, China imported 7.15 million tons of soybeans last month, with U.S. shipments playing a crucial role in maintaining supply amidst growing concerns over potential trade disruptions. For the first 11 months of 2024, China’s soybean imports reached 97.09 million tons, putting the country on track to set an annual record. This surge is largely attributed to a rush by U.S. exporters to ship soybeans ahead of the expected trade tensions following the inauguration of President Donald Trump in January.
Trump’s tariff threats have raised fears of another trade war, which could significantly disrupt soybean trade between the two countries. Since April, shipments from the U.S., the world’s second-largest soybean producer, have been climbing.
Despite the reduction in Brazilian imports, Brazil remains the dominant supplier to China, with November shipments totaling 3.94 million tons. Meanwhile, imports from Argentina saw a notable increase, rising to 242,227 tons, up from just 54,214 tons a year earlier.
Over the January-November period, U.S. soybean imports to China dropped 9% to 17.88 million tons, while Brazilian shipments increased by 10% to 71.7 million tons.
In a sign of continuing strong U.S. demand, China’s state-owned Sinograin has secured nearly 500,000 tons of U.S. soybeans this week for delivery in March and April, paying a premium for U.S. supplies to bolster its state reserves. This follows last week’s deals for an additional 750,000 tons scheduled for shipment between January and March.
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