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