China's Soybean Imports Surge from Brazil, US Market Share Shrinks
Brazil’s market share expanded to 70%, while the U.S. share contracted to 24%, as per Reuters calculations based on the provided data.
Karobar
BEIJING: China witnessed a notable surge of 29% in soybean imports from Brazil in 2023, as revealed by customs data on Saturday. This significant increase further solidified the South American nation's dominance in the world's largest soybean market, causing a considerable dent in the market share of the United States.
According to data from China’s General Administration of Customs, total shipments from Brazil to China reached an impressive 69.95 million metric tons last year.
In contrast, imports from the U.S. experienced a decline of 13%, totaling 24.17 million tons.
China's overall soybean imports surged to 99.41 million tons, with Chinese buyers capitalizing on the cost-effective supplies from Brazil’s abundant crop to meet the demands of its extensive pig herds.
For December, soybean arrivals from Brazil skyrocketed by 94% compared to the previous year, reaching 4.98 million tons. Meanwhile, arrivals from the United States witnessed a 31% decrease, totaling 3.85 million tons.
A Reuters survey forecasts a slowdown in China's soybean imports for the first quarter, projecting a decrease of approximately 20% from the previous year to 18.5 million tons. This decline is attributed to a record slaughter that reduced pig herds.
Looking ahead, there are expectations of a surge in exports from Argentina, the third-largest grower, in 2024. This anticipation is based on forecasts for a rebound in its soybean crop following a period of drought, potentially intensifying competition for U.S. soybeans.
