July 28, 2008

China's Guangdong port sees sharp rise in Indian soymeal import in H1

Soymeal imports in Guangdong's port hit 28,000 tonnes in the first six months of 2008, a 57.4 percent rise compared to a year ago, according to the China Customs.

The value of the shipments, at US$12.07 million was 1.9 times over that of last year. 

Over the period, the average import price of soymeal hit US$ 428.3 per tonne, rising 86.3 percent on-year. Almost all the shipments (99.5 percent) were from India).

In the January-June period, the state-owned companies' import hit 19,000 tonnes, jumping 59.4 percent  on-year; the private companies' import reached 7,090 tons.

Foreign-funded enterprises imported less however, at 1,788 tonnes,  a 37.5 percent drop from last year.

Higher demand was attributed to the rapid development of livestock breeding that stimulates the demands soymeal.

China lowered its import tax rate for soymeal from the current 5 percent to 2 percent from June 1, to December 31, 2008.

However, the policy will not affect soymeal import from India.