Chinese exporters ramp up soybean shipments ahead of Trump’s new tariffs

Chinese exports showed unexpected growth in June — shipments grew by 5.8% year-on-year, exceeding analysts’ forecasts. The main reason was the rush demand ahead of the possible introduction of new US tariffs.

Companies are rushing to ship goods, trying to take advantage of the current tariff truce between the countries. The growth in shipments to Southeast Asia (+16.8%) and the US (+32.4% per month) is especially noticeable. However, in annual terms, exports to the US are still declining, Reuters reports.

In June, China purchased a record 12.26 million tonnes of soybeans, mainly from Brazil (9.73 million tonnes). Amid trade conflicts with the US, shipments of American soybeans fell to 724 thousand tonnes.

Soybean imports are expected to reach 10.48 million tonnes in July. However, the key question is whether the current dynamics will be maintained after the possible introduction of new tariffs. For now, the businesses of the two countries remain in limbo, preparing for new trade shocks.

According to the General Administration of Customs, China imported a total of 49.37 million tons of soybeans in the first half of the year, up 1.8% from a year earlier.

It was previously reported that Brazilian soybean exports to China could grow to 85%, taking up more and more of the volume previously held by the United States.

Tags: China, soybean, USA