China imported almost 92 million tonnes of oilseeds from October 2022 to July 2023. – This is 14% higher than the level in the same period last season. Such data were released by experts of Hamburg analytical agency OilWorld (Germany) in their report.
It is noted that the main share in the structure of purchases falls on soybeans – about 92% or 84.35 million tonnes (+7.63 million tonnes for the year). In addition, rapeseed imports also increased markedly in the 10 months under review this year, up 3.09 million tonnes to 4.62 million tonnes.
The high domestic consumption of vegetable oils and meal contributes to more active purchases compared to the previous year,” experts explain. – In particular, rapeseed and canola processing has increased sharply in recent months.”
Also, according to OilWorld (Germany), imports of all oilseeds into the PRC totalled 10.16 million tonnes in July (10.97 million tonnes in June), including 9.73 million tonnes of soybeans.
“It is important to note that due to floods in Heilongjiang, Jilin and Liaoning provinces, some crops were damaged, which may also increase importers’ demand for both oilseeds and cereals,” the German agency summarised.