China expected to reduce soybean imports in 2023/24, says USDA attaché

The United States Department of Agriculture (USDA) attaché in Beijing reported that China is expected to import 98.5 million tons of soybeans in 2023/24, 2.5 million tons less than forecast for 2022/23. According to the USDA, the increase in domestic production and greater imports in 2022/23 should result in lower purchases in the harvest that officially started this month.

See below Brazil’s soybean exports to China between January 2019 and Jul 2023.

Soy exports to China | Jan 2019 – Jul 2023 | WTMT

Source: DataLiner (click here to request a demo)

In the first ten months of 2022/23 (October-July), China imported 84.3 million tons of soybeans, 10% more than in the same period of 2021/22. The Beijing USDA also estimated that soybean processing in China in 2023/24 will reach 95 million tons compared to 94 million tons in 2022/23.

Source: Globo Rural

To read the original news report, see: https://globorural.globo.com/agricultura/soja/noticia/2023/09/usda-de-pequim-prev-menor-importao-de-soja-pela-china-em-202324.ghtml

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