Europe imports 112% more U.S. soybeans under Trade pressure! Breaking News
#Europe imports 112% more U.S. #soybeans under Trade pressure! #BreakingNews
Europe has become a key export destination for U.S. soybeans this season after China, which typically dominates purchases, avoided American farm products.
China’s snub helped to push American prices near a decade low in September, boosting their appeal in other markets.
The EU also pledged last year to increase U.S. soybean and liquefied natural gas imports, as the two moved to ease their own trade tensions
imports of U.S. soya beans by the European Union increased by 112% over the current market year (July-December 2018),
compared to the same period in the previous year. With a share of 75% of EU soya beans imports, the U.S. remains Europe’s number one supplier. Conversely, Europe remains by far the top destination of U.S. soya beans exports (28%)
, followed by Argentina (10%) and Mexico (9%). This is part of the implementation of the Joint Statement agreed between Presidents Juncker and Trump in July 2018.
In the Joint Statement, the two sides agreed to increase trade in several areas and products, notably soya beans.
As a result, the European Commission is now regularly publishing figures on EU imports. These latest significant developments in the second half of 2018 contribute to cementing the U.S.’ leading position in supplying the EU with soya beans for the entire calendar year, well ahead of Brazil,
Europe’s traditional main supplier. European imports of U.S. soya beans are bound to increase even further, following the decision by the European Commission to launch the process for authorising the use of U.S. soya beans for biofuels
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