March 11, 2008

China soy imports hit 2 million tonnes in February, up 71 percent on-year

China imported 2.02 million tonnes of soy in February, a 71-percent hike from the same period last year. Against January imports however, a 41-percent drop was seen as crushers slowed operations during the Lunar New Year holiday.

Total import for the first two months of the year was 5.46 million tonnes, up 51.4 percent on-year, according to preliminary data issued by the General Administration of Customs.

February imports, which registered a 41-percent decline against January, have led to a shortage of soy oil and rise of domestic prices to new highs.

China's National Development and Planning Commission said Monday that soy oil reserves would be released to designated crushers to ensure supplies.

Industry traders estimate soy imports in March to be the same as February.

Meanwhile, China's corn exports in February was down 96 percent to 30,000 tonnes,

The country exported 60,000 tonnes of corn in the first two months of this year, down 96.5 percent on-year, the data show.

Imports of vegetable oils reached 700,000 tonnes in February, a rise of 25 percent from the previous month.