China continues to gradually reduce its dependence on soybean imports

In China, local agricultural producers continue to gradually reduce their dependence on soybean imports, increasing the production of oilseeds domestically.

Thus, a representative of the Ministry of Agriculture of the People’s Republic of China announced on Wednesday that the sown area under oilseeds in 2022 increased to 10.26 million hectares (+1.82 million hectares by 2021) – this is the highest value for the country since 1958.

According to the results of the last calendar year, the volume of gross harvest of crops also increased significantly – immediately by 3.89 million tons, up to 20.28 million tons.

Warm temperatures and rainy weather in northeast China also helped boost soybean yields, said an analyst at Beijing Orient Agribusiness Consultant Co Ltd. Ma Wenfeng.

HedgePoint Global Markets Senior Risk Manager Victor Martins believes that China’s dependence on soybean imports will increase significantly this year. The news about this is extremely positive for Brazilian farmers, who are waiting for a record harvest of beans.

We will remind that China is the world’s largest importer of soybeans – about 100 million tons of soybeans are imported into the country annually, and another 20 million tons are produced in the domestic market.

Tags: soybean, sown area, China