August 25, 2019 / 6:37 AM / 3 months ago

China July soy imports from U.S. up threefold as cargoes booked during truce arrive

    BEIJING, Aug 25 (Reuters) - China's July soybean imports
from the United States jumped threefold from the previous year,
customs data showed on Sunday, as cargoes booked by Chinese
state firms during a trade truce arrived.
    China, the world's top buyer of soybeans, brought in 911,888
tonnes of the oilseed from the United States, up from last
year's 308,127 tonnes. The figures were also up 48.3% from
614,805 tonnes in June.  
    Beijing slapped 25 percent tariffs on a list of U.S.
products including soybeans in July last year in response to
similar trade measures Washington had levied on Chinese goods,
bringing U.S. soybean shipments to a virtual halt. 
    Chinese state firms resumed some buying following a
bilateral truce in December, but tensions between the world's
two largest economies escalated again in recent weeks, throwing
the market into further
turmoil.
    China's July soybean imports from top supplier Brazil,
meanwhile, came in at 6.42 million tonnes, down 8.9% from last
year's 7.04 million tonnes, but up 16.8% from 5.498 million
tonnes in June. 
    China's total soybean imports rose in July from the same
month last year, as some U.S. cargoes arrived, and on better
crush margins.
    China's soybean demand has been checked by a year-old
African swine fever disease that has spread through the world's
top pig herd.
    The table below shows China's soybean imports from Brazil
and the United States in July 2019, according to data released
by the General Administration of Customs on Sunday.
 Origin    July        % change y/y  Year-to-date  % change y/y
           2019(tonne                (tonnes)      
           s)                                      
 United    911,888     195.9         6,813,697     -57.7
 States                                            
 Brazil    6,420,960   8.8           33,718,304    -2.4
 
 (Reporting by Hallie Gu, Muyu Xu and Kevin Yao; Editing by
Stephen Coates)
  
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