November 13, 2007

China's October soy import jumps 50 percent after duties reduced

China's October soy imports jumped 51.1 percent from September levels after the government announced a cut in soy duties from 3 percent to 1 percent.

China imported 2.85 million tonnes of soy in October, a rise of 26.9 percent over the same month last year, according to Reuters' calculations.

The increase was evidence that higher freight rates was offset by the reduced import duties.

Soybean imports in the first 10 months of the year rose 4.5 percent to 24.54 million tonnes, according to Customs information.

China cut soy import duties recently to cool off rising prices in the domestic market.