China expected to ramp up soybean imports from Brazil, reduce US reliance amid trade war
As Latin American leaders gather in Beijing, the mainland wants to diversify imports – creating opportunities for the region, experts say
The world’s second-largest economy reinstated the registration of five Brazilian soybean exporters last week, allowing them to resume shipments to the mainland, according to Chinese customs authorities.
In January, China suspended export qualifications for several firms from Brazil after repeatedly detecting soybeans coated in pesticide, according to the customs statement. Three of the companies accounted for roughly one-third of Brazil’s total soybean exports to China in 2024.
“China has been actively diversifying its soybean imports, taking more from countries such as Brazil, which has surpassed the US to become China’s top soybean supplier in recent years,” Barclay Bank economists said in a report on the country’s latest import activities.
“In addition, we think China may accelerate its shift to other exporters of agricultural products like Brazil, Argentina and Australia.”