China: Soybean imports set record in September, demonstrating potential of trade diversification

China’s soybean imports hit a record high for the month of September, with the country receiving 12.9 million tons of soybeans, data from the General Administration of Customs (GAC) showed on Monday. A Chinese analyst said that the robust performance came as demand from China remained persistent and soybean suppliers such as Brazil ramped up supplies amid heightened trade tensions between China and the US, which has been traditionally a key import source. Total imports for the first nine months of the year stood at 86.18 million tons, up 5.3 percent year-on-year, according to the data. September shipments were near the highest ever monthly level, which was recorded in May, according to Bloomberg. The trade data in September also highlighted the strengthening trade ties between China and Latin American countries amid global trade challenges and tariff pressures, according to an industry source. Chinese companies have been ramping up purchases of soybeans as they navigate the impact ...