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原文標題：
China imports no US soybeans in September for first time in seven years
原文連結：https://tinyurl.com/4bez5jeu
發布時間：October 20, 2025 11:27 AM GMT+8
記者署名：By Ella Cao and Lewis Jackson
原文內容：

BEIJING (Reuters) - China imported no soybeans from the U.S. in September, the
 first time since November 2018 that shipments fell to zero, while South
American shipments surged from a year earlier, as buyers shunned American
cargoes during the ongoing trade dispute between the world's two largest
economies.



Imports last month from the U.S. fell to zero from 1.7 million metric tons a
year earlier, data from China's General Administration of Customs showed on
Monday.

中國海關總署週一公布的數據顯示，上月自美國進口量從去年同期的170萬噸降至零。

Shipments fell because of the high tariffs China has imposed on U.S. imports
and as previously harvested U.S. supplies, known as old-crop beans, have
already been traded. China is the world's biggest soybean importer.

出貨量下降的原因在於中國對美國進口大豆課徵高額關稅，且美國先前收成的「舊作大豆
」已幾乎售罄。此外，中國是全球最大的大豆進口國。

"This is mainly due to tariffs. In a typical year, some old-crop beans would
still enter the market," said Wan Chengzhi, an analyst at Capital Jingdu
Futures.

「這主要是因為關稅所致。在一般年份裡，仍會有部分舊作大豆進入市場，」京都期貨分
析師萬成志指出。

Brazil arrivals last month jumped 29.9% year-on-year to 10.96 million tons,
accounting for 85.2% of China's total imports of the oilseed, customs data
showed, while shipments from Argentina rose 91.5% to 1.17 million tons, or 9%
of the total.

海關數據顯示，巴西上月大豆到港量年增29.9%，達1,096萬噸，占中國大豆總進口量的85
.2%；阿根廷出貨量則暴增91.5%，達117萬噸，占總進口量的9%。

China's soybean imports reached 12.87 million metric tons in September, the
second-highest level on record.

中國九月大豆總進口量達1,287萬噸，創下歷史第二高紀錄。

China has not purchased any U.S. soybean cargoes from this autumn's harvest.
The window for U.S. soybean purchases is rapidly closing as buyers secure
shipments through November, largely from Brazil and Argentina, helped by
Argentina's brief tax holiday.



Without a breakthrough in trade talks, U.S. farmers could face billions in
losses as Chinese crushers continue sourcing from South America. Beijing,
however, may also face a potential supply crunch early next year before Brazil
's new crops hit the market.

若貿易談判無突破，美國農民可能面臨數十億美元損失，因中國榨油廠將繼續自南美採購
。然而，在巴西新作尚未上市前，中國也可能在明年初面臨供應短缺風險。

"A soybean supply gap may emerge in China between February and April next year
 if there's no trade deal in place. Brazil has already shipped a huge volume,
and no one knows how much old-crop stock remains," said Johnny Xiang, founder
of Beijing-based AgRadar Consulting.



Trade negotiations between Beijing and Washington appear to be regaining
momentum after weeks of fresh tariff threats and export controls. U.S.
President Donald Trump said on Sunday he believed a soybean deal would be
reached.

在連續數週的關稅威脅與出口管制之後，中美之間的貿易談判似乎重新獲得動能。美國總
統唐納德· 川普週日表示，他相信雙方將達成大豆協議。

For the January-September period, China imported 63.7 million tons from Brazil
, up 2.4% year-on-year, and 2.9 million tons from Argentina, up 31.8% year-on-
year.

今年1至9月期間，中國自巴西進口6,370萬噸，年增2.4%；自阿根廷進口290萬噸，年增31
.8%。

Even as Chinese buyers are shunning this year's U.S. harvest, purchases
earlier in 2025 mean that year-to-date imports of American beans have totalled
 16.8 million tons, up 15.5%, data showed.

儘管中國買家避開今年美國新作，但由於年初已採購部分貨源，2025年迄今美國大豆進口
總量仍達1,680萬噸，年增15.5%。


心得/評論：

中國策略：透過「選擇性進口」與「延遲採購」，
同時向南美分散依賴，讓川普政府在政治上承受壓力。

川普策略：透過公開信心表態（相信會達成大豆協議），
向農民與市場傳遞「可控」訊息，穩定選前情緒。

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※ 作者: TyuzuChou 2025-10-20 13:49:39
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