January 13, 2014

China's 2013 soy imports hit record, up 8.6% on-year

In order to meet brisk domestic demand, China imported a record volume of 63.38 million tonnes of soy in 2013, a rise of 8.6% from the year before, according to preliminary data from the General Administration of Customs.

China's imports in 2013 account for about 63% of global-traded volume. Chinese crushers import the oilseed to make soymeal, a feed ingredient, as well as cooking oil. China's crushing capacity hit 140 million tonnes by the end of 2013, a rise of 17% from 2012, said Li Lifeng, a senior analyst.

About 20 new crushers are being built or planned, most of which will come on-stream during 2014-15, the China National Grain and Oils Information Centre announced. The development will add about 65,000 tonnes of daily crushing capacity, the centre said.

China's soy imports are expected to keep growing this year, analysts said. Shanghai-based JC Intelligence Co Ltd estimated the country's imports in the year through September to rise 11% on-year to 66.5 million tonnes.

December imports jumped 26% on the year to 7.4 million tonnes, the highest ever monthly volume, as improved crushing margins spurred demand.