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Gap in China's Soybean Trade Casts Doubt on Data Reliability.
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China's economic data reliability is being questioned once again, this time in relation to soybean trade. Official data from China shows that it imported over 96 million tons of soybeans from Brazil and the US last year, but data from those two countries indicate that over 101 million tons were shipped to China. The US Department of Agriculture has decided to stop using China's data and rely on figures from exporting nations instead. Concerns about the accuracy of China's economic data have increased as the country faces various challenges, including weak consumer confidence and high youth unemployment. Accurate data on soybean imports is crucial for farmers worldwide. The discrepancy in data is attributed to increased inspections and delays in customs clearance. The USDA has adjusted its forecasts for China's soybean imports to account for the discrepancy. China has revised some of its soybean trade data, showing lower purchases than originally reported. The country has also revised import data for other products. The revisions are part of efforts to provide more accurate data. [Extracted from the article]
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