(NAFB.com) – Chinese soybean imports jumped year over year in September as total purchases of all products surged. Bank of America Global Research said in a note to clients that soybean imports by volume jumped more than 13 percent last month versus 1.2 percent in August. Imports from Brazil were up 24 percent in September, which compares with a 1.4 percent year-over-year decline in August. However, purchases from the U.S. were down more than 16 percent on an annual basis, in line with the previous month’s decline. Total imports into China jumped 7.4 percent on an annual basis, a surprise to market-watchers. The trade surplus with the U.S. narrowed from $102.3 billion to $90.5 billion. “Despite concerns of an imminent sharp slowdown in external demand, the data from China highlighted continued resilience in exports, supported by the ongoing tech cycle and stable demand outside the U.S.,” said analysts from Bank of America.
