Source: Oleoscope (Russia)
China imported 251 million dollars worth of soybeans from Russia from January to August this year, almost twice as much as in the same period last year (497.5 million dollars), reports Finmarket, citing documents from the State Customs Administration (SCA) of the People’s Republic of China.
During this period, Russia ranked fifth among the main suppliers of soybeans to the Chinese market after Brazil (26.6 billion dollars), the United States (7.4 billion dollars), Argentina (837.6 million dollars) and Canada (537.1 million dollars). According to data from the Chinese Chamber of Commerce, these countries have also reduced their soy deliveries to the Chinese market in the first eight months of this year.
From January to August this year, China bought soybeans from 15 countries, compared to 12 countries a year ago.
While China’s soybean imports stood at 12.144 million tons in August 2024, down from 9.853 million tons in July, Russian soybean shipments to China fell to $24 million from $30.2 million in July.
According to the GTU, China also reduced its purchases of Russian rapeseed in the January-August period. They totaled 85.8 million dollars compared to 108.9 million dollars in the same period last year. In August, rapeseed deliveries from Russia fell from 26.1 million dollars to 8.2 million dollars on an annualized basis.
It had previously been announced that China will increase the processing of oilseeds, especially soybeans, due to the increased demand for animal feed. Soybean processing is estimated at 99 million tons in 2024-25, up from 97.5 million tons in 2023-24. Lower soybean meal prices and competitive export prices have long boosted processing.
For the full year 2023, China’s soybean imports amounted to 99.41 million tons. The main suppliers of soybeans to China are Brazil and the US.