China increases imports of oilseeds and vegetable oils

Soybean

Refined Sunflower Oil

Published Sep 26, 2023

Tridge summary

China's oilseed imports in August 2023 increased by 2.6 million tons compared to the same month the previous year, reaching a total of 10.12 million tons. The majority of these imports were soybeans, with Brazil being the main supplier. China also saw high imports of rapeseed, canola, and vegetable oils due to increased domestic consumption and the need to build up reserves. Overall, China imported a record-breaking 110.2 million tons of oilseeds during the 2022/23 marketing year.

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Original content

China continues to increase imports of oilseeds in August of this year. purchased up to 10.12 million tons, which is 2.6 million tons higher than the result in the same month a year earlier, Oil World (Germany) analysts report. In particular, soybean imports reached 9.36 million tons compared to 7.17 million tons in August a year earlier, of which 9.09 (6.25) million tons were supplied by Brazil and only 0.12 (0.25) million tons from the USA . Also in August, imports of rapeseed and canola were high - 396 thousand tons versus 63 thousand tons in the same period in 2022, of which 367 thousand tons from Canada and 27 thousand tons from the Russian Federation. High imports are due to increased domestic consumption, although some of the supplied products are also used to build up reserves. Thus, at the end of the 2022/23 MY, China imported a record 110.2 million tons of oilseeds, compared to 95.2 million tons in September-August of the previous season. Total imports of soybeans over ...

Source: Oilworld