Russian soybean and rapeseed exports to China reached almost $1 billion in 2023

Published 2024년 1월 26일

Tridge summary

China significantly increased its import of soybeans, rapeseed, and grain from Russia in 2022. Soybean imports reached nearly $741 million, doubling from the previous year, while rapeseed purchases rose to $210 million from $43 million. Grain shipments also saw a substantial increase, rising 3.7 times to almost $325 million. Despite this, Russia is yet to fully realize its potential for exporting finished products. The shipments of soybean and rapeseed oils to China more than doubled to almost 1.6 million tons by the end of the year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At the end of last year, China imported nearly $741 million worth of soybeans from Russia, which is approximately twice the level of 2022 (less than $378 million), according to materials from the State Customs Administration (SCU) of China, cited by the information and analytical agency OleoScope. There has also been a significant increase in rapeseed purchases: supplies to China increased to $210 million from $43 million in 2022. Grain shipments from Russia to the Chinese market increased 3.7 times, to almost $325 million. In particular, wheat exports increased to $35 million from $2.7 million a year earlier, barley from $18.1 million to $110.2 million, and corn — from $29.7 million to $91.7 million. In addition, experts from both countries are now discussing issues of access to the Chinese market for semolina and rye flour from Russia. The corresponding protocols on inspection and quarantine requirements for these products are planned to be signed this year. Executive Director ...

Source: AgroInvestor