According to customs statistics, the import of Soybeans in September in China by 12% per year – to 7,72 million Tonnen, which exceeded market operators' expectations, reports Reuters.
As indicated, China imported a significant portion of oil from the USA – 1,15 million tons, which is significantly higher than in September 2021 (169,4 thousand tons). In turn, soybean imports from Brazil amounted to 5,58 million tons compared to 5,9 million tons last year.
In addition, China increased its soybean imports from 7,17 million tons in August.
The increasing demand from the People's Republic of China is due to the increasing demand from the livestock sector for soybean meal, as stocks fell significantly in August due to relatively low soybean imports.
It is also noted that despite the growth in soybean imports in September, total oil imports from China fell by 9% yoy in 6,6 months of this year.