May 29, 2013
China's soymeal exports soar 242% on-year in Q1 2013
China's total soymeal exports from January to April this year reached 451,415 tonnes, up 242% on-year, according to Reuters citing customs data; while exports in April of 93,358 tonnes is down from 111,937 tonnes a month ago, but up 131% on-year.
China's top three soymeal export destinations during January-April this year were South Korea (188,010 tonnes), Japan (112,632 tonnes) and Vietnam (54,785 tonnes).
China has vast idle processing capacity to meet the growing soymeal demand in the South East Asia. The region accounted for 20% of the world's soymeal trade in 2011-12. Chinese crushers are currently operating below 50% utilisation rate and may increase production as large volumes of imported beans are arriving in upcoming months. That would further drive up exports.
