China's imports of soybean from Brazil rose to 70% in October

 

Although China is a prominent supplier of soybean in the global market, there were a hefty amount of soybean imports made by China. Brazil, which is the leading supplier of soybeans in the global market, has exported a noticeable amount of soybeans to China. 

China import data shows that there was a 70% rise in the imports of soybeans from Brazil. Around 4.9 MMT of soybeans was imported to China from Brazil last year. Whereas, the shipment from the United States declined by 70% last month. 

According to the China customs data, China has imported over 100 million worth of soybean from Brazil during this fiscal year. Sichuan Leshan Fuhua, Sino-Agri Red Sun Bio-technology, Fujian Huanong Food and Agrora were among the top China agri imports companies for that fiscal year.

The rise in China's soybean imports from Brazil came mostly due to the rise in the soybean meal demand among poultry and vegetable oil sectors. China is looking to foster its soybean supply. Brazil has reported a good amount of soybean imports. So, China has increased its imports from Brazil.

This year, Brazil has accounted for over 65% share of China's overall soybean imports. China import export data shows that over 62 MMT of soybean imports from Brazil as compared to the previous year. Whereas, China has imported over 30 MMT of soybeans from the USA market with over 4% rise in volume as compared to the previous. 

Although, the USA's soybean exports share to China has declined by 2% to 30% this year. Argentina, Canada, Russia, Australia, and Russia were among some of the leading soybean suppliers to China. Brazil, Canada and the United States are some of the fastest growing markets for China's soybean exports.

China's soybean exports were over $197 million during 2022. It stands 11th on the list of global soybean suppliers. The most favoured destinations for China's soybean exports were South Korea, Japan, North Korea, Belgium, Taiwan and Hong Kong. China export data shows that South Korea had over 42% market share in China's overall soybeans exports.

Yihai Soybeans Industries and Harbin Hi Tech Soybean are some of the biggest soybean export companies from China having noticeable amounts of export shipments. Whereas, China's overall agricultural exports reached $98 billion  while imports were recorded to be $55 billion during last fiscal year. There was an increase of over 16% as compared to the previous year. China's top agricultural exports include soybeans, cotton, corn, wheat and rice. Through a global import export database, Chinese agribusiness companies can gain insights into the foreign market demand for agricultural goods. 

Exim Trade Data, a prominent global import export data provider company has developed an impactful market research tool, called Exim GTIS. Through this platform, companies can find agricultural goods demand from China, top markets, competitors, importers, and exporters. It keeps the track of latest market trends, price forecasts, financial risk, and top performing markets. Get the perfect roadmap of the global market with brief insights and edge past your competition.