September 30, 2010

China's 2010 soy imports may surpass 50 million tonnes

China's soy imports are likely to exceed 50 million tonnes in 2010, more than triple the domestic output.

Statistics from the Customs show China imported 35.52 million tonnes of soy in January to August, up nearly 20% from the same period last year.

In its latest report released on September 25, the Ministry of Commerce (MoC) raised the estimate of September soy imports to 4.91 million tonnes, from 4.73 million tonnes predicted two weeks before.

The MoC forecast that October soy imports might be 3.32 million tonnes.

Based on these figures, some market observers foresee a total of 50 million tonnes of soy imports for the entire year 2010, some 20% higher than 42.55 million tonnes last year.

The amount of imports will probably be three times the domestic production, which stays at 15 million to 16 million tonnes.

One of the reasons that China imports such large amount of soy is to make up for the decline of soyoil imports, analysts said. China has banned soyoil imports from Argentina since April this year.

Data show China imported 4.93 million tonnes of vegetable oil in January to August, down 16% on-year.