The European Union has increased by 100% its imports of soybeans from the USA, which has been severely affected by the Chinese retaliation following the first duties decided taken by the US government. This is what the European Commission latest report says considering the July to November period. Moreover, latest tensions between the US and China are threatening the recent agreement which commits China to immediately buy USA agricultural products. Currently, soybeans from the USA account for more than two-thirds (69%) of total soy imports into the EU. Imports from the US peaked at 3,722,860 tonnes over the period considered, compared with 1,868,652 tonnes in the same period last year. EU has therefore become by far the top destination for US soybean exports (27%), followed by Argentina and Mexico (10% each).
SOYBEAN IMPORTS IN THE EU
The EU imports around 14 million tonnes of soybeans a year as a source of protein for animal feed (chickens, pigs and cattle), as well as for milk production. Improving relations between the USA and China are destined to change again the world demand for soybeans in the coming future. The impact will directly affect Italy, which is the largest European producer of soybeans with about 50% of total production.
