Imports of soy of China They missed expectations in December with a 6.9% decline from a year earlier, customs data showed on Friday, but total 2023 imports rose for the first time in three years.
China imported 9.82 million metric tons of soybeans in December, slightly below analyst expectations of between 10 and 11 million tons, as longer customs approval times delay the unloading of some cargoes at ports.
For the year as a whole, Chinese soybean imports increased by 11.4% compared to 2022, to 99.41 million tons, according to data from the General Customs Administration.
Chinese merchants increased purchases of soy last year, particularly Brazilto take advantage of the cheaper grains from an abundant harvest in the South American producer.
The increase in annual imports was partly due to increased demand for soybean meal to feed a larger-than-usual hog herd after hog companies aggressively expanded herd sizes and industrialized farms, Rosa said. Wang, an analyst at the JCI agricultural consultancybased in Shanghai, told Reuters.
The largest importer of soy of the world buys soybeans to convert them into soybean meal for animal feed and cooking oil.
However, the pig herd China fell sharply in November after farmers accelerated hog slaughter to overcome low profits, high costs and an outbreak of swine fever African.
Lower pig numbers could reduce demand for soybean meal this year, in addition to government pressure for farmers to switch to low-protein feed as part of food security measures.
The use in China of the flour soyrich in protein, in livestock feed was reduced by 4.4 million metric tons between January and November 2023, as reported last month by the Ministry of Agriculture and Rural Affairs.
Source: Ambito
