Iran Cus­tomer No. 1 of U.S. Soy­beans in Au­gust

Iran News - - DOMESTIC -

TEHRAN (MNA) – Iran has emerged as the big­gest buyer of U.S. soy­beans in Au­gust in the af­ter­math of trade ten­sions be­tween China and the U.S., ac­cord­ing to Baltic and In­ter­na­tional Mar­itime Coun­cil.

Ac­cord­ing to a re­cent re­port by BIMCO, the world’s big­gest in­ter­na­tional ship­ping as­so­ci­a­tion, Iran has emerged as the big­gest im­porter of U.S. soy­beans in Au­gust, while the ex­ports of soy­beans to China from the U.S. were down 31% for the first eight months and 95% in Au­gust alone, com­pared to the same pe­ri­ods of last year.

Be­tween Oc­to­ber and March each year, the U.S. be­comes the main source of soy­beans for China, with the largest por­tion of the 35.7 mil­lion tons in to­tal that it ships there an­nu­ally be­ing im­ported dur­ing this pe­riod.

How­ever, in March, the brew­ing trade war be­tween the two coun­tries saw China ex­tend its tar­iffs on im­ports from the U.S. to sev­eral more agri­cul­tural prod­ucts in­clud­ing soy­beans. In Au­gust, only 67,000 tons of soy­beans have been shipped from the U.S. to China. This is a re­duc­tion of 95% year-on-year, BIMCO said.

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