China’s soybean imports are expected to rise according to a recent forecast. The growth of the animal protein sector is expected to increase China’s soybean imports by approximately 97 million tonnes for the 2023 to 2024 marketing year.Additionally, according to Global Agricultural Information Network report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA) it is also expected to eliminate the Covid-related restrictions to expand overall oilseed consumption.
The report indicated that, based on data from the General Administration of Customs China, imports have surged following the government’s removal of zero-COVID-19 policies in December. Reaching a combined 16.2 million tonnes in January and February, which represents a 16% year-on-year increase.
- China is projected to import 96 million tonnes of soybeans in 2022-23.
Meanwhile, China continues to emphasize greater domestic oilseed production, especially soybeans. Following significant gains in harvested area and production in 2022-23, more modest gains are forecast in 2023-24, according to the USDA. China’s soybean output for 2023-24 is forecast at 19.8 million tonnes, while harvested area is projected at 10 million hectares.
“The extent to which area and production are maintained or increased will largely depend on subsidy levels provided for planting soybeans compared to corn,” the USDA said.
