China imported oilseeds more actively in 2022/23 MY

China imported almost 92 mln tonnes of oilseeds from October 2022 to July 2023, which is 14% higher than the level in the same period last season. Such data were published by the specialists of the Hamburg analytical agency OilWorld (Germany) in their report.

It is noted that the main share in the structure of purchases falls on soybeans – about 92% or 84.35 mln tonnes (+7.63 mln tonnes for the year). Besides, the import volumes of rapeseed increased significantly by 3.09 mln tonnes to 4.62 mln tonnes in 10 months of the current year.

“Higher domestic consumption of vegetable oils and meals contributes to the higher purchases compared to the previous year,” experts explain, “In particular, rapeseed and canola processing has increased sharply in recent months.

Also, according to OilWorld (Germany), imports of all types of oilseeds to China in July amounted to 10.16 mln tons (10.97 mln tons in June), including 9.73 mln tons of soybeans.

“It is important to note that due to floods in Heilongjiang, Jilin and Liaoning provinces, some crops were damaged, which may also increase the demand of importers for both oilseeds and grains,” the German agency summarized.

Tags: rapeseed, China, soybean