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EU imports of U.S. soybeans have doubled in the first half of 2018/19 marketing year compared to the previous, according to a recent report by Germany’s Union for the Promotion of Oil and Proteins Plant (UFOP).  In the first half of the 2018/19 marketing year, the EU imported 6.95 million MT of soybeans, an increase of 12% from the previous year.  The U.S. remained the EU’s main supplier with volumes of U.S. imports increasing to 5.2 millions MT this season from only 2.3 million MT in the previous year, German market researcher, Agrarmarkt Informations-Gesellschaft mbH (AMI) said in the UFOP report.

According to UFOP, U.S. soybean imports have increased so rapidly because of the ongoing trade war between the U.S. and China, which led to China imposing 25% tariffs on several US imports, including soybeans, in response to the U.S. imposing the same tariff on more than 800 Chinese products.  The U.S. had to finds new buyers for its soybeans, benefitting the EU.  The EU has always been dependent on third countries to supplement its soybean demand because EU demand exceedS EU production by around 30%.