As a "new" source of soybeans from China, trade data shows that South Africa exported nearly 150,000 tons of soybeans to China for the first time in 2023, further promoting the construction of a diversified pattern of China's grain imports. This means the following:
Better trade opportunities: Trade data suggests that the trade relationship between South Africa and China has become closer. Business between the two countries has become better, which is good news for both parties and shows the increased demand and interdependence.
China likes soybeans: Trade data shows that mainland demand for South African soybeans is increasing. It may be because China needs more soybeans to produce food, feed, etc., or because the demand from the aquaculture industry has increased.
Expanding trading partners: Trade data suggests that South Africa has chosen to sell soybeans to China, suggesting that they are looking for new trading partners. This helps them reduce their over-reliance on a certain market and increase the diversity of trade.
Identifying business opportunities: South Africa may have seen a business opportunity in the Chinese market. China is one of the world's largest importers of soybeans in terms of trade data, and South Africa sees an opportunity to meet the needs of the Chinese market.
Economic benefits: The increase in soybean exports could have a positive impact on the South African economy. This will help to develop agriculture and related industries, provide more employment opportunities, and also generate more export earnings for the country.
It is worth noting that for the first time, we are importing soybeans from South Africa, which belongs to one of the BRICS countries, and as the bilateral trade data between China and South Africa continues to grow, we will import more South African citrus, beef, wine.
According to trade data, China is the world's largest importer of soybeans, with annual soybean imports of up to 80 to 90 million tons. Chinese soybeans are used as feed as well as for pressing. The source of soybean imports from the mainland has also been stable, mainly from Brazil and the United States. But just last year, things changed. According to customs trade data, the total soybean imports from the mainland last year were as high as 99.41 million tons, of which the number of American beans was 24.17 million tons, accounting for only 24%, a year-on-year decrease of 13%. Correspondingly, Brazil's soybean exports to China surged to 69.95 million tons, accounting for 70%, a year-on-year increase of 29%. The gap between the two has widened significantly.
On the other hand, although there are signs of recovery in Sino-US trade after experiencing friction, it is still in the game, which also means that the trade between the two countries is still unstable. Moreover, the mainland has repeatedly emphasized food security on many occasions, and it has been an important expression in Document No. 1 for several consecutive years, and food security is not only the safety of grain production and quality, but also includes the diversification of import sources.
Therefore, it is foreseeable that in the future, the mainland's grain import sources will be more diversified, which also means that the situation of the United States being the only grain monopoly will no longer appear.
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