Source: Oleoscope (Russia)
From January to September of this year, China imported soybeans worth 262.5 million dollars from the Russian Federation. This is twice as much as in the same period last year (546.6 million dollars), according to the State Customs Administration (SCA) of the People’s Republic of China, reports Interfax.
Russia thus dropped from fifth to sixth place among the main suppliers of soybeans to the Chinese market, after Brazil (30.6 billion dollars), the United States (8.3 billion dollars), Argentina (1.1 billion dollars), Canada (539.2 million dollars) and Uruguay (530.8 million dollars).
In total, China bought soybeans from 15 countries from January to September this year. In September of this year, Russian soybean deliveries to China quadrupled, falling from 47.1 million dollars in the previous year to 11.4 million dollars. Total imports of soybeans to China amounted to 81.9 million tons in the first nine months of the year, an increase of 8% year-on-year.
Also according to the SCA, China reduced purchases of Russian rapeseed in the January-September period, amounting to 96.7 million dollars compared to 119.9 million dollars in the same period last year. According to the 9-month results, Russia is in second place behind Canada (2.161 billion dollars). At the same time, purchases in September remained at the same level as last year and amounted to 10.8 million dollars. Compared to August this year, they increased by almost a third.
According to Rosstat, this year’s area under soybean cultivation amounts to 4.294 million hectares (18.4% more than in 2023) and 2.726 million hectares for rapeseed (29.3% more). The Ministry of Agriculture is maintaining its forecast for oilseeds at 28 million tons.