June 17, 2005

China's soybean imports to increase 45 percent
 

China's soybean imports are expected to reach 24.5 million tonnes in the 2004-05 fiscal year, according to China State Grain and Oil Information Centre.

This is a jump of 45 percent from the 2003-04 fiscal year, in which China imported 16.9 million tonnes of soybean.

It is estimated that some 12 million tonnes of soybean imports will come from the US this year.

Higher imports are necessary to meet China's growing demand for edible oils, which is expected to reach 18 million tonnes in the 2004-05 fiscal year. Based on this estimate, current supplies would fall short by 4-5 million tonnes.

However, domestic demand for soybean dregs (including demand from the feed sector) will be 21.68 million tonnes, lower than the predicted total production of 24.36 million tonnes, according the centre.