BEIJING, CHINA — In the first two months of the year, China’s soybean imports increased 14.2% year-over-year as cargoes from the United States during a trade truce cleared customs, Reuters reported.
China bought 13.51 million tonnes in January and February, up from 11.83 million tonnes at the same time a year ago, according to data from the General Administration of Customs.
The department said it would combine totals for the two months instead of releasing data from individual months, Reuters said.
China has granted tariff exemptions to some soybean crushers to import US soybeans, Reuters said, but measures to contain the coronavirus have hurt operating rates at crushing plants.
Crushing rates are expected to start picking up as the virus containment measures ease due to falling rates of infection within China.
Typically, US soybeans dominate the market in the fourth quarter and the early months of the year, Reuters reported.