Brazil’s soybean shipments to China rise to 78%
Brazil’s soybean exports reached 12.3 million tons, up 9% year-on-year, the country’s Secretariat of Foreign Trade (SECEX) reported. It was noted that in July, the share of shipments to China increased to 78% of total exports.
The average daily export volume in August was 462,409 tons, up 26.5% year-on-year. Revenue from soybean exports in August was $350 million.
In January-July of this year, Brazilian soybean exports totaled 77.2 million tons (up 2.4% year-on-year), of which 75% were shipped to China (the highest figure since 2018).
Earlier, the US Department of Agriculture’s Foreign Service noted that China would begin to gradually reduce demand for soybeans in the near future. Total grain imports are projected to decline to 113 million tonnes by 2034, representing an average annual decline of 3.1%.
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