In search of new suppliers, China will start buying soybean from Tanzania
Soybean
China
Tanzania
Published Oct 31, 2020
Tridge summary
China, the world's largest importer of soybeans, is opening its market to Tanzania in an attempt to reduce its dependence on the United States and Brazil for the supply of the oilseed, the South China Morning Post newspaper reported on Thursday. Wu Peng, director of African affairs at the Ministry of Foreign Affairs of China, said an agreement was reached on Monday 26 for Tanzania to start exporting soybeans to the country.
Original content
According to him, the agreement is part of Beijing's promise to support African nations by expanding imports - especially beyond natural resources - made during the China-Africa Cooperation Forum in 2018. “Both China and Africa can benefit stronger commercial ties, ”said Wu. Today, the newspaper reports, China's imports from Africa are dominated by natural resources, such as crude oil, copper, cobalt, iron ore and diamonds, which it buys to meet its industrial and manufacturing needs. "In return, Africa imports machinery, electronics and manufactured consumer goods from China." Tanzania is the last African nation to sign an agreement with Beijing, allowing agricultural exports to the country, helping to reduce the trade deficit that has been mainly in favor of China. Other African countries with such businesses include Kenya (avocado, tea, coffee and roses), Ethiopia (coffee and soy), Namibia (beef), Botswana (beef and by-products), South Africa (fruits) and Rwanda (coffee) . In ...
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