China Nov soybean imports up 7.8% on year, less than expected
BEIJING, Dec 7 (Reuters) - China imported 7.92 million metric tons of soybeans in November, customs data showed on Thursday, rising 7.8% from a year earlier but lower than traders' expectations due to slower clearing of cargoes at customs.
The world's top importer of soybeans was expected by some traders to bring in as much as 10 million tons last month, after large purchases of the oilseed from top supplier Brazil.
However customs is taking longer to issue import licences than before, which has delayed the unloading of cargoes, said Yuyun Chen, trader with Mingsui International（Shanghai) Trading Co.
Soybean vessels require an automatic import licence (AIL) to unload cargoes, which must be issued within 10 working days, but in practice have often been granted in a day.
Chen said customs was now taking up to 10 days to process the licences. Customs did not immediately respond to a fax seeking comment.
For the first 11 months of the year, imports by the world's top soybean buyer totalled 89.63 million tons, up 13.3% from the same period a year earlier, the data also showed.
Arrivals in December could jump as last month's delayed cargoes get unloaded, said Chen.
"Soybean arrivals in December will probably jump sharply unless the delays get worse," he said.
Brazil has dominated shipments to China this year but arrivals of U.S. soybeans may rebound in the coming months as China has ramped up purchases since November in a wave of buying amid improving ties between the two countries.
The interest in U.S. beans has also coincided with a severe drought in Brazil that has disrupted planting and compromising the outlook in the world's biggest soybean grower.