A record 105 million MT of soybean was poured into China in 2024!
A record 105 million MT of soybean was poured into China in 2024!
The import represents a 6.5% increase from the previous year, driven by falling Chicago Board of Trade soybean prices, strong crush margins, and concerns over potential U.S.-China trade tensions.
Buyers ramped up purchases of U.S. soybeans later in the year to hedge against a possible trade war under President-elect Donald Trump, despite the availability of cheaper Brazilian alternatives.
December imports dropped to 7.94 million tonnes, marking the lowest monthly volume in four years and falling below analysts' expectations of 8.2 million tonnes. The decline was attributed to delays in customs clearance.
These record imports underscore China’s strategic approach to securing soybean supplies amid volatile market conditions and geopolitical uncertainties, reflecting the world’s largest soybean buyer’s reliance on diversified sources to meet domestic demand.
