December 2, 2008
China's soy import volume reached 37.82 million tonnes in crop year of 2007-2008, an increase of 9.09 million tonnes or 31.6 percent from the previous year, according to customs statistics.
The volume accounted for 48.7 percent of the world total soy imports.
China's soy prices experienced big ups first and downs in the years 2007-08. Out of the expectation for higher price in the primary stage, domestic enterprises bought soy in bulk, promoting the increase in soy import.
Meanwhile, Chinese government purchased more imported soy purchase for state reserve this year, contributing to a new growth point of soy import.
In addition, China adjusted up interim tariff on soy import from one percent to three percent in October, causing a rush of soybean import.
China's monthly soy import volume hit the peak of 4.13 million tonnes in September.
In consideration of state purchase rise and import rush at the late period of the year, China's actual demand for imported soy will be far less than the import volume.