Import dynamics: China imports of soybeans this year or up to 69 million tons

Import dynamics: China's soybean imports this year or up to 69 million tons
2014-06-23 9:17 Source: Economic Observation Network

according to the investigation and analysis by Zhang Xiaoping of the International Project Department of the American Soybean Association, it is estimated that China's soybean imports will reach about 69 million tons in 2014.

In recent years, the number of soybean imports in China has been rising. According to the import data released by the General Administration of Customs of China, the cumulative import of soybeans in 2011 was 52.64 million tons, the cumulative import volume in 2012 was 58.38 million tons, and the cumulative import volume in 2013 was 63.38 million tons. The import of soybeans has increased significantly for three consecutive years.

China's customs import data also showed that in the first five months of this year, China imported 27.82 million tons of soybeans, an increase of 35.3 percent over the same period last year and an increase of 30.4 percent over the same period last year. According to the forecast of Zhang Xiaoping and other industry insiders, the number of soybean imports in China this year will be as high as 69 million tons.

In addition to soybeans, China has also imported a considerable amount of edible vegetable oil. In the first five months of this year, the cumulative amount of edible vegetable oil imported was 3.07 million tons. If the amount of imported soybeans and edible oil is combined, China's imports of soybeans and vegetable oil have exceeded 30 million tons in the first five months of this year.