China soybean imports in March fall 10%, Q1 flat year-on-year

China imports in March fell 10.4% compared to March 2017, China customs trade data showed Friday, leaving year-to-date imports flat year-on-year versus an expected increase of 5%.

March imports totalled 5.66 million mt compared with 6.32 million mt a year earlier, with Q1 imports totalling 19.56 million mt compared with Q1 2017 imports of 19.52 million mt.

The USDA and the Chinese government have previously estimated soybean imports will rise 5% year-on-year on firm domestic demand for meat.

The figures are published against the backdrop of the threat of a trade war between China and the US that could hit US sales of soybean to China, which reached 32 million mt last year.

China has said that it could tax US soybean imports at 25% if the US carries out its threat to tax Chinese technology goods at the same level.