In 2023, China imported soybeans and rapeseed from Russia for almost $1 billion

Soybean

Published Jan 27, 2024

Tridge summary

China's import of soybeans from Russia saw a significant increase in 2021, doubling to $741 million from $378 million in 2022, according to the State Customs Administration of China. There was also a notable rise in rapeseed imports, which increased to $210 million from $43 million. Additionally, Russia's grain shipments to China surged by 3.7 times to nearly $325 million. Russia is currently seeking permission to supply winter wheat and barley to China and is in discussions about gaining access to the Chinese market for semolina and rye flour.

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Original content

Grain shipments increased to almost $325 million. According to the results of last year, China imported almost $741 million worth of soybeans from Russia, which is approximately twice the level of 2022 (less than $378 million), follows from the materials of the State Customs Administration (SCU) of the People's Republic of China. The situation is similar with purchases of rapeseed: oilseed supplies during the period under review increased to $210 million from $43 million in 2022. Executive Director of the Oil and Fat Union Mikhail Maltsev said that with the growth of the soybean harvest, Russia has noticeably increased the export of raw materials itself, and the supply of processed products abroad is less active. Let us note that the Russian Federation is now also counting on allowing the supply of rapeseed from all regions. So far, only Siberia and the Far East have such an opportunity. To expand the geography of shipments, Rosselkhoznadzor sent the Chinese side information about ...

Source: Specagro