April 21, 2020

 

China projected to import more soybeans and pork in 2020

 

Soybean imports projected to reach 92.48 million tonnes in 2020, with pork imports increasing 32.7% from last year to 2.8 million tonnes this year, reported Reuters.

 

According to an official from the agriculture ministry, imports of soybean are expected to further increase to 96.62 million tonnes in 2025 and reach 99.52 million tonnes in 2029. The official said this in a video conference released on April 20, 2020.

 

China is one of the world's biggest purchasers of soybean, crushed for use as livestock feed.

 

Pork prices in China has risen to record levels due to African swine fever and COVID-19 related transport restrictions and closure of slaughtering plants. China has boosted it spork imports to supplement dwindling local supplies.

 

According to the agriculture ministry, pork consumption in China this year is set to reach 42.06 million tonnes, a 5.6% drop year-on-year despite projected higher imports. This is because of high pork prices and reduced consumer demand because of COVID-19.

 

Slaughtered swine herds will hit 501.49 million heads, a 7.8% drop year-on-year, with pork output also falling to 39.34 million tonnes from 2019. Pork output is expected to increase to 54 million tonnes in 2022.

 

Ministry forecast estimates pork imports gradually decreasing, but beef and mutton imports to steadily go up in the next 10 years.

 

Domestic soybean output in China is at 18.81 million tonnes this year, up 3.9% compared to 2019 with crushing volumes locked at 85.98 million tonnes.

 

A ministry official said soybean consumption is expected to rise, with the country depending on imports in the next decade.

 

The agriculture ministry also said the country's corn acreage and output are expected to rise this year, with production projected to reach 260 million tonnes in 2020. Rice output in China is projected to reach above 200 million tonnes annually over the next decade.

 

-      Reuters