China imported a record volume of oilseeds in 2022/23 MY

Oil & Fats

Published Nov 1, 2023

Tridge summary

China's oilseeds imports reached a record high of 109.9 million tonnes in the 2022/23 season, with soybean imports accounting for the majority at 100.87 million tonnes. This increase in imports was partly used to boost domestic stocks, potentially leading to a slowdown in oilseeds imports in the beginning of the 2023/24 season. China also saw a rise in the imports of oilseed meals, despite a significant increase in domestic processing, while the imports of vegetable oils, such as palm oil, rapeseed oil, and sunflower oil, also increased compared to the previous season.

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 some slowdown of oilseeds imports by China in September this year to 7.8 mln tonnes, according to the experts of Oil Word (Germany), in 2022/23 MY (October-September) the imports reached the record 109.9 mln tonnes. As specified, the sharp increase of soybean imports – up to 100.87 mln tonnes in 2022/23 MY against 91.6 mln tonnes in the previous MY, as well as canola and rapeseed – up to 5.33 (1.66) mln tonnes, respectively, was partially used to increase domestic stocks, which may lead to the slowdown of oilseeds imports at the beginning of 2023/24 MY. Moreover, to meet the domestic demand from the livestock sector, China also increased the imports of oilseed meals by 1.3 mln tonnes (or +18%) in 2022/23 MY compared to the previous season, to 8.4 mln tonnes. The higher imports of oilseed meals were despite the significant increase in domestic processing. In particular, soybean processing increased by 0.3 mln tonnes to a record 95.1 mln tonnes. In particular, imports of ...

Source: UkrAgroConsult