China imported a record volume of oilseeds in 2022/23
Soybean
Published Nov 1, 2023
Tridge summary
China's imports of oilseeds reached a record 109.9 million tons in the period from October 2022 to September 2023, with a significant increase in soybean imports. These imports were partly used to increase domestic reserves, which may lead to a reduction in oilseed imports at the start of the next period. In addition, China increased imports of oilseed meal, despite a rise in domestic processing, and saw an increase in imports of palm oil, rapeseed oil, and sunflower oil.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Despite a slight slowdown in imports of oilseeds by China in September of this year. - up to 7.8 million tons of oilseeds, according to Oil Word (Germany) experts, according to the results of MY 2022/23 (October-September), the volume of imports reached a record 109.9 million tons. As specified, the sharp increase in imports of soybeans - up to 100.87 million tons in 2022/23 MY against 91.6 million tons in the previous MY, as well as canola and rapeseed - up to 5.33 (1.66) million tons, respectively, was partially used to increase domestic reserves, which may lead to a reduction in the rate of import of oilseeds at the start of MY 2023/24. In addition, to meet domestic demand from the livestock industry, China also increased imports of oilseed meal - by 1.3 million tons (or + 18%) in 2022/23 MY compared to the previous season, to 8.4 million tons. At the same time, higher imports of oilseed meal occurred despite a significant increase in domestic processing. In particular, soybean ...
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