February 27, 2007

 

China's 2007 soybean imports seen at 32 million tonnes

 

 

China's soybean imports will likely total around 32 million tonnes this year, while cotton imports may be about 3.5 million tonnes, a consulting body backed by the country's top economic planner said in a report Monday (Feb 26).

 

In 2006, China's soybean imports rose 6.3 percent to 28.27 million tonnes, while its cotton imports rose 42 percent to 3.64 million tonnes.

 

China is the world's biggest importer of soybeans and cotton.

 

Soyoil imports are expected to total around 1.7 million tonnes in 2007, the price-monitoring centre under the National Development and Reform Commission (NDRC) said.

 

China imported 1.54 million tonnes of soyoil last year, down 8.9 percent from a year earlier.

 

The report did not provide any reasons for the expected rise in imports.

 

China's corn export prices will likely rise due to tight international supply and rising industrial demand, while import prices of cotton, soybeans and edible oil will also likely rise on speculation by international funds, it said.

 

Meanwhile, the official Xinhua News Agency cited the NDRC as saying late Sunday that China's grain growing area this year will be about the same level as that of last year, with corn areas increasing but soybean areas decreasing.

 

Cotton planting areas will increase, Xinhua said, citing the NDRC's research findings.

 

No reasons were provided.