China has imported 8.09 million tonnes of soyabean in June, up 26.6% from 2014 and 32% from May, according to data released by customs on 14 July.
The country has imported a total of 35.16 million tonnes of soyabean for the period of January to June, rising 2.8% year on year (y/y), and the value amounted to CNY96.87 billion (USD15.61 billion), dropping 22% from 2014.
June’s imports are slightly lower than the expected 8.5 million tonnes, an analyst in Shanghai told IHS Maritime, and the imports in July and August may remain the same because of the purchase of low-price soyabean from South America.
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China National Grain and Oils Information Centre (CNGOIC) pointed out that Chinese farmers have reduced the plantation areas of soyabean, and resorted to corn and rice with higher prices instead. According to CNGOIC data, the plantation areas of soyabean in 2015 are 10.3% lower than 2014, and China’s soyabean output in 2015 is expected to be around 11 million tonnes, down 9.5% y/y.
The country has imported 53.8 million tonnes in the year 2014/15, up 3.8% y/y, and the imports for the year 2015/16 will be some 77 million tonnes, rising 5.5% from the previous year, projected CNGOIC, making China the largest soyabean buyer in the world. However, CNGOIC’s figures are lower than the 77.5 million tonnes projected by the United States Department of Agriculture.