Import of soybeans to China from Brazil has increased by 217% in a year, while purchases from the USA have decreased by 73%. Tensions due to the trade situation are rising.

According to GACC, the General Administration of Customs of China, in August, the country imported 12.14 million tonnes of soybeans. Out of this amount, 10.24 million tonnes, which is 84.3%, were supplied from Brazil. The data was published by Reuters.

At the same time, purchases of American soybeans in August were limited to only 202 thousand tonnes. Market participants believe that the low demand for American soybeans may be related to concerns about the worsening trade situation between China and the United States, especially if Donald Trump wins the presidential elections again in November.

From January to August 2024, China imported 53.8 million tonnes of Brazilian soybeans, which is 217% more than in the same period of 2023. Meanwhile, imports from the United States decreased by 73% year-on-year to 12.8 million tonnes.