US soybean import figures for China at 17-year low
Only 47% of current U.S. soybean sales are to China, the lowest in 17 years (excluding the trade war period), Reuters experts report.
China’s imports of soybeans from the U.S. fell 5.7% year-on-year to 22.13 million tons in 2024 as fears of a resurgent Sino-U.S. trade war further escalated.
Brazil remained the top supplier of soybeans to China in 2024, increasing its import share by 6.7% to 74.65 million tons. The combined market share of Brazilian beans in the main soybean importer reached 71%, while the share of beans from the US dropped to 21%. Soybean imports from Argentina more than doubled to 4.1 million tons in 2024 from 1.95 million tons in 2023.
Overall, China imported a record 105.03 million tons of soybeans in 2024, according to the General Administration of Customs.
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