Brazil continued to be the top supplier of China soybean imports in November, although U.S. soybean arrivals increased rapidly.
Due to increased imports from the U.S. and the continuation of stronger-than-usual imports from Brazil, China soybean imports in November jumped to 8.23 million metric tons (MMT), up 54% from the previous month and 30% above last November. In addition, LSEG trade flows data show that China soybean imports in December will surge to a record high at 12.34 MMT, which will be the highest monthly imports in history. With the projected December imports, LSEG tracked a total of 98.46 MMT of soybean imports in China this year. Considering imports from other countries (besides the U.S., Brazil, Argentina and Uruguay) that were not tracked by LSEG, 2023 China's total soybean imports could reach 106 MMT, near 15 MMT above 2022, thanks to the record high imports from Brazil.
In November, Brazil continued to lead China soybean imports market. According to LSEG trade flows. China received 4.32 MMT of Brazilian soybeans in the month, down 12% month-on-month. But the figure is 86% above last November. December arrivals were projected at 4.83 MMT, doubling last year's same period. LSEG trade flows show that Brazilian soybean imports totaled 65.22 MMT in 2023, compared to 49.62 MMT for 2022.
On the other hand, China soybean imports from the U.S. increased to 3.91 MMT in November, up 20% year-on-year. Imports in December were projected at 6.80 MMT. USDA export sales data show that the U.S. has delivered 11.88 MMT of soybeans to China as 23 November. However, the outlook of U.S. soybean exports to China remains sluggish due to massive soybean supplies and more affordable prices in Brazil. The U.S. soybean outstanding sales to China (5.1 MMT, down 45% year-on-year) confirmed China's less demand for U.S. soybeans.