This year, China’s purchase of 54.87 million tons of soybeans underscores Brazil’s dominant position in the global soybean market.
September showcased this bond. As per the data shared on Friday (20), China’s intake of Brazilian soybeans spiked by 23% compared to the previous year.
This increase correlates with Brazil’s stellar soybean production this year, ensuring a steady supply to its prime global consumer.
An interesting trend emerged in September. The General Customs Administration confirmed that China’s acquisition from Brazil reached 6.88 million metric tons.
This figure hasn’t been touched in the last three years for this month. Brazil’s soybean export dynamics are quite predictable.
They primarily ship between March and June, with a gradual decline in subsequent months. But 2023 broke this mold, witnessing a continuous climb in exports.
While Brazil celebrated its growth, the U.S., another significant soybean supplier to China, faced a setback.
Their exports to China plummeted to just 133,692 tons in September, a stark contrast to the 1.15 million tons a year ago.
Taking a broader look, China’s total September soybean imports were 7.15 million tons.
As we compare year-on-year data, China’s affinity for Brazilian soybeans becomes even clearer. Their purchases have surged by 18%, reaching 54.87 million tons this year.
In contrast, U.S. shipments to China grew by a modest 8% in the initial nine months of 2023, accumulating 20.08 million metric tons.
And it’s not just soybeans. Brazil’s agricultural prowess shone in corn exports too.
In just a month, they’ve sent 1.25 million tons of corn to China, making up 76% of China’s total corn imports.
