News

The US Department of Agriculture predicts China's leadership in agricultural imports in the next 10 years

Soybean
China
Market & Price Trends
Published Feb 27, 2024

Tridge summary

A report by the US Department of Agriculture (USDA) predicts that over the next decade, regions including Africa, the Middle East, China, Southeast Asia, West Asia and Latin America will drive global trade by increasing food demand. China is set to remain the world's top soybean importer, with its demand significantly influencing international soybean trade. The country's imports of sorghum and barley are also expected to rise, while wheat imports may decline due to the government's focus on domestic food grain production and utilization of existing stocks. Russian agricultural exports to China are projected to surpass $10 billion by 2030.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Over the next 10 years, Africa, the Middle East, China, Southeast Asia, West Asia and Latin America will play a key role in boosting global trade by increasing food demand. This is stated in the report of the US Department of Agriculture (USDA). Analysts believe China will maintain its position as the world's leading importer of soybeans with a 62.4% share by 2033/34. Demand from China will drive continued growth in international soybean trade over the next 10 years, pushing total global soybean imports up 44.8 million tonnes (+25.3%) to 221.6 million tonnes, USDA estimates. China's annual coarse grain imports are forecast to reach 44.2 million tonnes by 2033/34 (+3.4 million tonnes), although this figure will be well below the all-time high of 50.5 million tonnes reached in 2020/21 . In addition, according to forecasts for 2033/34, China, as the world's largest importer, will purchase 26 million tons of corn. China's feed crop demand growth is expected to outpace domestic corn ...
Source: Oilworld
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