BEIJING —China imported the most soybeans on record in 2024 as buyers concerned about rising US-China trade tensions rushed to secure US supplies ahead of President-elect Donald Trump’s inauguration.
The world’s biggest buyer of the oilseed imported 105.03 million metric tons of soybeans in 2024, a 6.5-percent increase from a year ago, according to customs data released on Monday.
Record annual import volumes were driven by declining CBOT soybean prices in 2024, strong crushing margins and buyers’ preparations due to trade war concerns, said Rosa Wang, analyst at Shanghai-based agro-consultancy JCI.
For December, arrivals dropped 19.1 percent to 7.94 million tons from the same month a year earlier, according to Reuters calculations of customs data.
That was less than analyst estimates of about 8.2 million tons and marked the smallest amount in four years.
“This could be due to the speed of customs clearance,” Wang said.
In the final months of 2024, China buyers imported larger-than-usual shipments of US beans despite cheaper Brazilian alternatives to hedge against a potential trade war between Beijing and Washington under a Trump presidency.
Trump, who takes office on Jan. 20, has pledged tariffs of as much as 60 percent on Chinese goods, duties that analysts say would disrupt international trade and raise costs, and could prompt retaliation.
While it is unclear how China will respond to tariffs under the new US administration, traders in China said they have prepared by diversifying suppliers as well as boosting stocks.
Even without a trade war, ample supply and weak crush margins are expected to dampen future import demand for US soybeans, BMI Research said in a note.
“Although a Trump presidency could reignite US-Mainland China trade tensions and potential Chinese tariffs on US soybean exports, we anticipate that the expected decline in Chinese demand will mitigate price impacts,” BMI Research said.
Crush margins in China’s main processing hub at Rizhao have been negative since November, and were last at a loss of 225.04 yuan ($30.69) per ton of soybean processed.
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