China bought 39.06 million tons of soy in Brazil in the period from January to November 2015, an increase of 22.7 percent compared to the same period of 2014, the Foreign Trade Secretariat (Secex) said.

In November, Brazilian soy sales – beans, meal and oil – to China increased by 297 percent with the delivery of 2.14 million tons at an average price of US$405.99 per ton.

Sector analysts cited by Reuters news agency said these increases were based on the devaluation of the Brazilian currency, the real, against the dollar, which makes Brazilian soy a much more competitive product in terms of price than soy produced in the United States.

China’s soy imports from the United States in November fell by almost 9 percent to 4.25 million tons.