China will remain the leading importer of soybeans over the next 10 years – USDA

China will remain the world’s leading importer of soybeans in the next 10 years, and demand for the oilseed from the Celestial Empire will grow, according to analysts at the U.S. Department of Agriculture (USDA).

According to their estimates, in the current season the volume of soybean imports to the PRC will be about 100 million tons, and already by 2033/34 MY, when the country will accumulate about 62% of all global imports of the crop, this figure will grow to 138 million tons.

“Demand from China will contribute to a steady increase in soybean trade over the next 10 years, with total global imports of the oilseed growing by 44.8 million tons (+25.3%) to 221.6 million tons,” the USDA said.

The agency expects that the regions of Africa, the Middle East, Latin America, Southeast and West Asia in the next 10 years will stimulate global trade not only in soybeans, but also in cereals (corn, barley, sorghum, wheat) due to increased demand for food.

Tags: soybean, imports, China