China's June soya imports from United States fall 2.5 percent

China's June soya imports from United States fall 2.5 percent”

The United States was the second-largest supplier of soyabeans to China before the trade war, but imports from the country fell sharply after Beijing slapped tariffs of 25% on USA cargoes. These shipments reflect purchases made earlier this year, and the USDA is expected to release new data this week. Presidents Donald Trump and Xi Jinping agreed to a truce in late June, and the Chinese government last week is said to have approved five companies to buy some US soybeans free of retaliatory import tariffs as a goodwill gesture.

Chinese companies have made inquiries about buying USA soybeans, cotton, pork, sorghum and will continue to purchase US agricultural goods if prices and quality remain reasonable, Chinese official broadcaster CCTV said on Sunday.

He did say he expected the Chinese to follow through with "large-scale purchases of US agriculture products and services", on CNBC television. "So the process won't be that quick".

The soy shipments were part of a series of about 14 million tonnes in goodwill purchases made by Chinese state-owned firms before trade talks broke down in May, U.S. traders and analysts said.

CCTV said the moves show China's willingness to promote US products and make good on a consensus reached between presidents Donald Trump and Xi Jinping at the G20 summit in Osaka in June.

White House economic adviser Larry Kudlow said on Friday he "wouldn't expect any grand deal", at the meeting in Shanghai and negotiators would try to "reset the stage" to bring the talks back to where they were before the May blow-up.

China brought in 614,805 tonnes of soybeans from the United States in June, down 2.5 per cent from June 2018 and down 37 per cent from 977,024 tonnes in May, customs data released last Saturday showed.

China's soyabean imports from the United States fell 2.5% in June compared with the same month a year earlier, customs data showed on Saturday, as renewed trade tensions between Beijing and Washington curbed buying.

China's demand for soybeans crushed into livestock feed has also decreased dramatically in recent months as African Swine Fever swept across the country, resulting in the death or culling of millions of pigs. Agriculture Secretary Sonny Perdue said last week he had expected China to ship some 20 million tonnes of soybeans, without specifying a time frame, noting the Chinese "still have a ways to go".

For the whole of 2018, China imported 16.6 million tonnes of soybeans from the United States - about half of 2017's 32.9 million tonnes - as the tariffs on American cargoes cut into buying.

"For the United States, even through there are some bilateral trade frictions, it can not stop USA firms from attaching importance to the Chinese market and their great enthusiasm for the Chinese market", Ren told a news conference.

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