Imports fell 20.6% compared to July 2017, due to the accumulation of inventories in preparation for US tariffs

 

 China imported 8.01 million tonnes of soybeans in July (Dan Koeck / Reuters)
BEIJING (Reuters) - Chinese imports of soybeans fell in July from June, customs data showed on Wednesday, with processors slowing purchases after mounting record inventories in preparation for heavy US import tariffs in the month past.
China, the world's largest soybean buyer, imported 8.01 million tonnes of soybeans in July, down 8 percent from June's 8.70 million tonnes, according to data from the country's General Customs Administration .
Imports fell 20.6 percent from the record volume of 10 million tonnes in July 2017.
"Chinese buyers bought a lot of Brazilian soybeans to avoid the impact of the Sino-US trade war ... The pressure on domestic stocks is high, so imports from July have dropped a bit," said Tian Hao, senior analyst at First Futures.
Beijing imposed a 25 percent tariff on a list of US products totaling $ 34 billion, including soybeans, on July 6 in response to US actions on similar Chinese goods.
Chinese companies have been big buyers of Brazilian grains in recent months, in anticipation of Beijing's imposition of tariffs.
Large arrivals of the oilseed led the country to register record stocks of soybean meal and put the crushing margins into negative territory.
China imported 52.88 million tons of soybeans in the first seven months of the year, down 3.7 percent year-on-year.
"Imports in August and September are expected to be around 8 million tonnes as well. Inventories will remain at high levels, "said Tian.
China's soybean meal stocks hit a record 1.27 million tonnes in early July.
China, which imports 60 percent of the soybean traded in the world, bought 32.9 million tonnes from the United States in 2017, accounting for 34 percent of total purchases.

China's soybean import falls after stockpiling before tariff

Imports fell 20.6% compared to July 2017, due to the accumulation of inventories in preparation for US tariffs

 

 China imported 8.01 million tonnes of soybeans in July (Dan Koeck / Reuters)
BEIJING (Reuters) - Chinese imports of soybeans fell in July from June, customs data showed on Wednesday, with processors slowing purchases after mounting record inventories in preparation for heavy US import tariffs in the month past.
China, the world's largest soybean buyer, imported 8.01 million tonnes of soybeans in July, down 8 percent from June's 8.70 million tonnes, according to data from the country's General Customs Administration .
Imports fell 20.6 percent from the record volume of 10 million tonnes in July 2017.
"Chinese buyers bought a lot of Brazilian soybeans to avoid the impact of the Sino-US trade war ... The pressure on domestic stocks is high, so imports from July have dropped a bit," said Tian Hao, senior analyst at First Futures.
Beijing imposed a 25 percent tariff on a list of US products totaling $ 34 billion, including soybeans, on July 6 in response to US actions on similar Chinese goods.
Chinese companies have been big buyers of Brazilian grains in recent months, in anticipation of Beijing's imposition of tariffs.
Large arrivals of the oilseed led the country to register record stocks of soybean meal and put the crushing margins into negative territory.
China imported 52.88 million tons of soybeans in the first seven months of the year, down 3.7 percent year-on-year.
"Imports in August and September are expected to be around 8 million tonnes as well. Inventories will remain at high levels, "said Tian.
China's soybean meal stocks hit a record 1.27 million tonnes in early July.
China, which imports 60 percent of the soybean traded in the world, bought 32.9 million tonnes from the United States in 2017, accounting for 34 percent of total purchases.

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