China increased imports of Brazilian soybeans by almost 30% in 2023

Published 2024년 1월 22일

Tridge summary

In 2023, China's soybean imports from Brazil rose by 29% to 69.95 million tons, while imports from the United States dropped by 13% to 24.17 million tons, according to China Customs. This led to an overall increase in China's total soybean imports to 99.41 million tonnes. The proportion of Brazilian soybeans in China's total oilseed imports rose to 70%, while American soybeans dropped to 24%. However, due to a record decline in China's pig population, soybean imports into the country could decrease by about 20% in the first quarter of this year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to official data from China Customs, China's imports of soybeans from Brazil increased by 29% annually in 2023. Thus, the total volume of oilseed supplies from Brazil to China last year amounted to 69.95 million tons. In turn, imports of soybeans into the country from the United States last year decreased by 13%, to 24.17 million tons. Overall, China's total soybean imports increased to 99.41 million tonnes. According to Reuters estimates, the share of Brazilian soybeans in China's total oilseed imports increased to 70% last year, while American soybeans fell to 24%. As noted, in December, soybean receipts from Brazil increased by 94% annually and amounted to 4.98 million tons, while supplies from the United States decreased by 31%, to ...

Source: Oilworld