China’s April Soybean Imports Rise As Buyers Delayed Cargoes On Tax Change

www.oann.com | 8/21/2018 | Staff
tictac399 (Posted by) Level 3
BEIJING (Reuters) – China’s soybean imports in April jumped 10.7 percent from the same period a year earlier, customs data showed on Wednesday, as shipments delayed from March reached the world’s top oilseed buyer.

China imported 7.64 million tonnes of soybeans in April, according to data from the General Administration of Customs. That is up from 6.9 million tonnes a year earlier and up 55 percent from 4.92 million tonnes in March.

Soybean - Cargoes - April - Advantage - Cut

Soybean cargoes were delayed to arrive in April to take advantage of a cut in the value-added tax (VAT) on agricultural products effective from April 1.

“Soybean arrivals were not that big in March. Many have moved shipments to April due to VAT rate adjustment… Most of the cargoes were Brazilian beans. Some U.S. shipments were delayed as well,” said Xie Huilan, an analyst with Cofeed, an agribusiness research firm.

Imports - Months - Tonnes

Imports for the first four months of 2019 were 24.39 million tonnes,...
(Excerpt) Read more at: www.oann.com
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