November 12, 2009

China imported 2.52 million tonnes of soy in October, an on-year increase of 18.3 percent but down 8.36 percent from September, according to statistics released on Wednesday (Nov 11) by the General Administration of Customs.

However, this figure was still higher than expectations as the market had earlier estimated October's soy imports to fetch two million tonnes. The country's soy imports in the January-October period reached 34.88 million tonnes, a rise of 13.2 percent compared to the same period last year.

China's soy imports are expected to rise month-on-month in the coming months as the country's stocks have been declining following lower imports in the past several months.

On the other hand, China's Ministry of Commerce predicts that November soy imports will recover to 2.81 million tonnes.