Chinese state-owned grain trader COFCO is committed to Brazil's soy-buying moratorium, Allan Virtanen, the company's global director of communications and sustainability said on Friday, despite pressure from local farmers to make it more flexible.

Brazil’s slow soybean harvest means that supplies are not reaching buyers as quickly as they might have hoped. But China, the destination for more than 70% of Brazil’s annual soy exports, does not appear concerned.

The workers who traveled from China to northeast Brazil to build a new factory for electric car maker BYD earned roughly $70 per 10-hour shift, over twice the Chinese hourly minimum wage in many regions.

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BEIJING -- China's exports to over 160 countries and regions saw growth in 2024, according to the General Administration of Customs. The country's exports grew 7.1 percent year-on-year, reaching 25.45 trillion yuan ($3.55 trillion) last year, marking the eighth consecutive year of growth, according to the latest data released by the GAC.

The Economic Survey states that a robust public transportation system will help reduce traffic congestion, promote energy efficiency, and ensure that the benefits of clean mobility are accessible to all socioeconomic groups.

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Allan Virtanen, global director of communications and sustainability at Chinese grain trader COFCO, said the company is fully committed to Brazil's "soy moratorium" despite pressure from local farmers to make it more flexible.

By Fabio Teixeira, Luciana Magalhaes and Lisandra Paraguassu CAMAÇARI, Brazil (Reuters) - The workers who traveled from China to northeast Brazil to build a new factory for electric car maker BYD earned roughly $70 per 10-hour shift,

Brazil’s slow soybean harvest means that supplies are not reaching buyers as quickly as they might have hoped.

Aside from the Brazilian delays, China’s agriculture minister last week said that the country’s hog sector had recovered from a loss-making phase, which in theory would support soybean demand. Chinese soybean crush margins have also improved in recent weeks.