China has reduced its soybean purchases from Russia by half in 9 months, and by 4.1 times in September

Published 2024년 10월 25일

Tridge summary

In the first nine months of this year, China's soybean imports from Russia significantly decreased by half, amounting to $262.5 million, and fell to the sixth place among China's soybean suppliers, following Brazil, the US, Argentina, Canada, and Uruguay. This decline was mirrored in China's rapeseed purchases from Russia, which dropped to $96.7 million from the previous year's $119.9 million. Despite these reductions, Russia managed to increase its soybean harvest to 6.8 million tons in 2023, up from 6 million tons in 2022, and expanded its sown area by 18.4%. However, its rapeseed harvest saw a decrease to 4.2 million tons in 2023, down from 4.5 million tons in 2022, with the sown area also growing by 29.3%.

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Original content

In January-September of this year, China imported soybeans from Russia for $262.5 million, which is two times less than in the same period last year ($546.6 million), according to the State Customs Administration (SCA) of China. As a result, during this period, Russia dropped from fifth to sixth place among the main suppliers of soybeans to the Chinese market after Brazil (deliveries for $30.6 billion), the United States (for $8.3 billion), Argentina (for $1.1 billion), Canada (for $539.2 million) and Uruguay (for $530.8 million). In total, in January-September of this year, China purchased soybeans from 15 countries. In September of this year, Russian soybean supplies to China fell to $11.4 million from $47.1 a year earlier (by 4.1 times). According to the SCA, China also reduced its purchases of Russian rapeseed in January-September. They amounted to $96.7 million against $119.9 million for the same period last year. Rapeseed was purchased in four countries, the Russian ...

Source: Agrovesti