China’s soybean imports from Brazil, the main trade between both countries, dropped 6 per cent in 2022, in line with reduced purchases from Beijing.
Purchases from Brazil, China’s top soy supplier, were 54.4 million tonnes last year, 6 per cent less than the previous year, Chinese customs data showed.
Drought in Brazil early in the year had tightened supplies and pushed up global prices last year, according to industry experts.
Total soybean imports by China last year dropped 5.6 per cent to 91.08 million tonnes, due to high global prices and weaker demand earlier in the year.
China’s soybean imports from the US, China’s No. 2 supplier, dropped 10 per cent in 2022.
Brazil maintained its 60 per cent share of the market, while the US share has slipped slightly to under 32 per cent, according to Reuters’ calculations.
Soybean arrivals in December 2022 from both Brazil and the United States were similar to last year’s level, at 2.56 million tonnes and 6.02 million tonnes.