China’s imports of Brazilian soybeans grew by almost a quarter in the first half of the year, trade data shows, to exceed 43.5 million tons.
China is the biggest buyer of Brazilian soybeans, accounting for almost 70 percent of Brazilian production, with Spain and Thailand being the South American country’s other notable markets, according to The Macao News.
Brazil’s total soybean exports between January and June of this year neared 62.8 million tons – an increase of more than 18 percent compared to the same period in 2022, reports say.
Among Brazilian states, by far the biggest shipper was Mato Grosso, accounting for more than 35 percent of the country’s soybean exports.
Brazil is the world’s largest producer and exporter of soybeans. This year, it expects to harvest around 150 million tonnes through higher yields and expanded cultivation.
China’s demand has also increased, with record imports at the start of the year.
