News ID: 263446
Published: 0703 GMT December 25, 2019

China’s imports of US soy surge to highest in about two years

China’s imports of US soy surge to highest in about two years

NIKKEI ASIAN REVIEW

China’s imports of US soybeans rose to the highest in 20 months in November after more American cargoes cleared customs ahead of the signing of a partial trade deal in January.

China’s inbound shipments from the US surged to 2.6 million tons, the highest since March 2018, and up from about 1.1 million tons in October. China imported almost no US soybeans in November last year, customs data showed, Bloomberg reported.

● Chinese companies are likely to continue purchasing American soybeans as the two countries are expected to sign the partial trade deal in early January.

● China has been issuing regular tariff waivers for domestic firms to buy US soybeans.

● The waivers cover the 30 percent retaliatory tariffs on American soybeans.

● China’s total commitments in the current marketing year hit 10.5 million tons, compared with 2 million tons the previous year, US Department of Agriculture data showed.

● China is reviewing retaliatory tariff exemptions for $60 billion of US goods and will release a list of products eligible for an exemption at an “appropriate time,” China’s customs said in a statement.

 The nation bought 3.9 million tons of soybeans from Brazil, the largest supplier, up from 3.8 million tons in October and 5.1 million tons in November last year.

 Imports from Argentina were 1.4 million tons, up from 959,936 tons in October and a mere 36,119 tons in November last year.

 China may see imports this month climb to about 9 million tons following more shipments from US, which could ease supply shortages at some crushers, said the China National Grain and Oils Information Center.

   
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