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

Published 2024년 10월 22일

Tridge summary

In the first nine months of the year, China's imports of soybeans and rapeseed from Russia saw a significant decline, with soybean imports dropping to $262.5 million from $546.6 million and rapeseed imports decreasing to $96.7 million from $119.9 million compared to the same period last year. This decline caused Russia to fall from fifth to sixth place among China's main soybean suppliers, now trailing behind Brazil, the United States, Argentina, Canada, and Uruguay. Despite the drop in exports, Russia increased its soybean harvest to 6.8 million tons in 2023, although the rapeseed harvest decreased to 4.2 million tons, with both crops seeing a significant increase in sown areas and ongoing harvesting.

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Original content

Moscow. October 22. INTERFAX.RU - 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 data from the State Customs Administration (SCA) of the PRC. As a result, during this period, the Russian Federation 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, supplies of Russian soybeans to China fell to $11.4 million from $47.1 a year earlier (by 4.1 times). According to the SCA, China also reduced purchases of Russian rapeseed in January-September. They amounted to $96.7 million against $119.9 million for the same period last year. ...

Source: Interfax