China's soybean imports from the United States in July tripled compared with the same month a year earlier, customs data showed on Sunday, with the arrival of cargo scheduled by Chinese state-owned companies during a trade truce between the two countries.
China, the world's largest buyer of soybeans, purchased 911,888 tons of the US oilseed in July, compared to 308,127 tons the previous year. The amount also represented an increase of 48.3% compared to June.
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Beijing placed tariffs of 25% on a list of US products, including soybeans, in July last year in response to similar measures by Washington on Chinese products, which brought US soybean shipments to a virtual standstill.
Chinese state-owned companies have resumed some purchases following a bilateral truce in December, but tensions between the world's two biggest economies have escalated again in recent weeks, creating market turmoil.
China's soybean imports in July from the largest supplier, Brazil, meanwhile, were 6.42 million tons, down 8.9% compared to last year's 7.04 million, but with an increase of 16.8% compared to 5.498 million tons in June.
China's total soybean imports in July rose from the same month last year due to the arrival of US cargo and better crushing margins, although demand for soybeans in China has been impacted by outbreaks of African swine fever in its pig herd.
Source: agrolink
