China's US soybean imports soar after 'phase one' trade deal kicks in
CHINA's soybean imports spiked in November as US imports reached roughly 8
CHINA's soybean imports spiked in November as US imports reached roughly 8.3 million tons, up 53.7 per cent year on year, reports Tokyo's Nikkei Asian Review.
China's purchases of US soybeans more than doubled to 2.6 million tons compared with imports in October, though Brazil remained China's biggest soybean supplier with 3.9 million tons imported last month, according to Chinese agriculture database CoFeed.
This comes after Washington and Beijing announced a 'phase one' trade deal in October following a trade war that has gone on for more than a year. The American agriculture sector has been hit among the hardest because China was US soybean farmers' biggest client. Beijing has agreed to purchase more US farm products as part of the deal.
The two sides finalised the interim deal this month, marking a step toward resolving the tit-for-tat tariff battle. The US and China have agreed to cancel planned tariffs on each other's goods. In terms of farm imports, Beijing has agreed to increase the purchase scale by US$32 billion over the next two years.
China has been increasing soybean purchases from Brazil and Russia during the trade war. But the efforts have not ceased upon the interim trade deal.
On Thursday, Russia media reported that the country is delivering soybeans to China by train for the first time, according to Chinese agriculture database CoFeed. State-owned enterprise China Oil and Food Corporation (COFCO) will receive 250 tons of Russian soybeans.
Imports of soybeans from Argentina, Uruguay and Ukraine also increased last month as purchases from Ukraine more than quadrupled, according to CoFeed.