BEIJING, CHINA — China’s soybean imports from the United States in March increased 320% to 7.18 million tonnes, according to an April 20 report by Reuters.
The surge in imports from the United States comes as imports of Brazilian soybeans have plunged as rain delayed some shipments from the world’s top soybean exporter, according to the report.
China, by far the world’s largest consumer of soybeans, imported 315,334 tonnes from Brazil in March, according to Reuters, down 85% from 2.1 million tonnes in the same month in 2020. It was the lowest monthly import total from Brazil since January 2017.
Darin Friedrichs, senior analyst at StoneX, told Reuters the high totals from the United States were in part due to “delays affecting the timing of when US shipments arrived. Some of the cargoes could have arrived earlier but didn’t actually get offloaded until March.”
Meanwhile, China’s pork imports jumped to an all-time high in March on supply concerns following a resurgence of African swine fever in the world’s biggest consumer and producer. Imports were up 16% from March 2020, boosting overall meat imports to a record as well, according to customs data.