February 2, 2004

China's January Soybean Imports Exceed Expectations

China received about 38 cargoes of imported soybeans in January, above the industry forecast of 30-33 cargoes, local traders tracking soybean import said on Monday.

"The Spring Holiday break didn't have much impact on the pace of soybean import, contrary to our previous estimates," said the trader from a Hong Kong-based oilseeds company.

The traditional Spring Festival started Jan. 22 for over a week, but business offices in some areas closed even before that.

The total amount of imported soybean that arrived at the ports in China in January was estimated at 2.10 million metric tons, said the trader.

But three cargoes that arrived at ports in Shandong province were not allowed to be unloaded, another trader in Harbin, Heilongjiang said Monday, citing the lack of proper quarantine certificates for the delay.

China imported 20.74 million tons of soybeans in 2003, up 83% from imports in 2002, according to official customs data.