Brazil leads China’s imports of soybeans in 2023: Customs

China imported 69.95 million metric tonne of soybeans from Brazil in 2023, a 28.6% increase from 2022. In December, imports from the South American nation were 4.98 million mt.

Even in months when imports of soybeans from the US would typically predominate, this increase was attributed to abundant availability, robust harvest, and competitive prices. The US’s portion decreased to 24.3%.Therefore, of the 99.4 million mt of imported soybeans in 2023, 70.3% came from Brazilian beans, up from 61% in 2022.

While China imported 24.21 million metric tonne of US soybeans, a 12.9% decrease from 2022. As of December, the volume was recorded at 3.85 million metric tonne. However, logistical challenges in the Mississippi River and Panama Canal hindered US soybean exports to China.