China imported the lowest volume of soybeans in 4 years in March

According to the customs data, China imported the smallest monthly volume of soybeans in March for the last 4 years – 5.54 mln tonnes, which is also 20% lower than in March 2023.

In January-March of this year, China’s total purchases of the oilseed totaled 18.58 mln tonnes (20.83 mln tonnes in the corresponding period of 2023), the lowest level in the first quarter since 2020.

Such a significant reduction in imports by China is explained by high global oilseed prices and low demand from the country’s feed industry due to low incomes in the livestock sector, which affects the use of soybean meal.

At the same time, soybean imports are expected to increase in the second quarter of 2024 after the end of the harvest season in Brazil. According to the forecasts of the agro-consulting company JCI, imports will continue to increase, but the growth rate will decrease compared to last year.

Tags: China, soybean