CHINA IMPORTS ZERO U.S. SOYBEANS IN NOVEMBER
BEIJING — China’s soybean imports from the United States plunged to zero in November, marking the first time since the trade war between the world’s two largest economies started that China, the world’s largest soybean buyer, has imported no US supplies.
Instead, China has leaned on Brazilian imports to replace the US cargoes, customs data showed on Monday.
China brought in 5.07 million tonnes of soybeans from Brazil in November, up more than 80 per cent from 2.76 million tonnes a year ago, data from the General Administration of Customs showed.
Meanwhile, US imports plunged from 4.7 million tonnes in November 2017 and were down from 67,000 tonnes in October.
China, the world’s top soybean buyer, usually gets most of its oilseed imports from the United States in last quarter of the year as the US harvest comes to market. The US was the second-largest supplier of soybeans to China and the trade was worth $12 billion in 2017.
But, purchases have plunged since Beijing placed an additional 25 per cent tariff on US imports on July 6, in response to tariffs enacted by the US on Chinese goods. The country has stepped up its Brazilian purchases to fill the gap.
Beijing resumed buying US cargoes earlier this month, after the two countries agreed on December 1 to a truce in their trade war. But, the hefty tariffs on US cargoes remain in place.