May 12, 2023

China to stabilise and diversify soybean imports

An official with China's National Food and Strategic Reserves Administration said the country plans to stabilise and diversify its soybean imports as it aims to bolster domestic production of the crop, The Star reported.

Lu Jingbo, the deputy director at the administration, said that China significantly increased its soybean output to 20 million tonnes last year. This resulted in a surplus of approximately five million tonnes after accounting for consumption.

Soybeans imported into China are primarily crushed to produce cooking oil and soymeal for animal feed. In contrast, domestically grown soybeans, despite being more expensive, are primarily used in the production of food for human consumption.

To support domestic growers and boost oilseed production, China has been actively increasing its purchase of domestic soybeans. By the end of March, the country had purchased 4.18 million tonnes of new soybeans, marking a significant increase of 1.71 million tonnes compared to the previous year, according to Lu.

-      The Star