China’s soybean imports from Brazil increased by 11.7% in April compared to a year earlier, reaching 5.92 million metric tons, according to data from China’s General Administration of Customs.
This surge in Brazilian soybean arrivals comes as floods in the key producing state of Rio Grande do Sul have disrupted harvesting and led to cuts in the state’s soy production estimates.
Despite the disruptions, Brazil continues to be China’s top soybean supplier, shipping the majority of its crop during the March to June period.
In contrast, China’s soybean imports from the United States, its second-biggest supplier, surged 44% in April to 2.45 million tons. However, the U.S. total arrivals so far this year remain smaller than Brazil’s.
For the January to April period, total soybean shipments from Brazil reached 15.9 million tons, up 72% compared to the same period last year. Meanwhile, total arrivals from the U.S. during the first four months of 2023 fell 40% year-on-year to 9.58 million metric tons.
The data highlights China’s continued reliance on Brazilian soybeans, even as floods have impacted supply from the South American country. This underscores the importance of Brazil as a critical source of the oilseed for the world’s largest importer, China.
The sharp rise in April soybean imports from Brazil compared to the U.S. suggests China is actively working to secure adequate supplies amid the disruptions, prioritizing shipments from its top supplier.
The trend could have implications for global soybean trade flows and prices, as China adjusts its sourcing to manage the impact of the Brazilian production challenges.