GACC: China's soybean imports decreased by 38% year on year in November
According to the website of the General Administration of Customs of the People’s Republic of China…According to the website of the General Administration of Customs of the People’s Republic of China (GACC), China's soybeans imports in November were 5.38 million tons, 38% less than the same period last year, the lowest monthly imports in two years, as the Sino-US trade war led buyers to stop purchasing American soybeans.
On July 6, China imposed a 25% tariffs on tens of billions of dollars of US goods, including US soybeans, in retaliation for the US tariff war against China. Chinese buyers have also begun to shun American soybeans and instead buy soybeans from Brazil and other places. Soybean imports in November were 22.2% lower than 6.92 million tons in October, the lowest since October 2016, when imports were 5.2 million tons. In the first 11 months of this year, China's soybeans imports accumulated to 82.3 million tons, a decrease of 4.3% over the same period in 2017. In November, China imported 622,000 tons of edible oil, an increase of 32.3% over the last month.