China’s soybean imports from the U.S. rose 15.4% in the first two months of the year compared with 2022, data showed on Monday, as delays to the harvest in top supplier Brazil prompted buyers to seek more beans from the U.S.
The world’s top buyer of soybeans, China brought in 11.59 million tonnes of the oilseed from the U.S., up from 10.04 million tonnes a year ago, data from the General Administration of Customs showed.
Imports from Brazil, meanwhile, fell 36% from a year ago to 2.24 million tonnes.
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Rain delayed the harvest in key growing regions in Brazil and has also slowed the movement of soybeans to ports, according to some analysts.
Total imports in the period reached a record 16.2 million tonnes, data showed earlier this month, as buyers stocked up in anticipation of healthy demand this year.
Source: Reuters (Reporting by Dominique Patton; Editing by Sonia Cheema)
