GAPNEWS

Posts

Showing posts from December, 2018

GAPNEWS Ghana moves to capture US$2.4bn China soya market. The hefty tariff on soybeans from the United States has caused a 17 percent import decrease of the produce into China in February 2019, being the lowest level recorded since 2015, General Administration of Customs – Chinese statistical agency, has revealed. In 2017, U.S. soybean exports to China reached a volume of US$14.573 billion. Currently, the United States is the world’s largest soybean producer and second largest exporter, after Brazil. On the other hand, China is the world’s largest importer of soybeans – imported 91 million tonnes in 2018 market year as against 94 million tones the previous year. This suggests that the trade war between the two largest economies has created the opportunity for more than US$2.4 billion market share of soybeans that countries producing it can compete. Although, imports of soybean to China has reduced by 17 percent, this does not mean that consumption has reduced in similar terms