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Modest growth in the animal protein sector is expected to raise China’s soybean imports to 97 million metric tons (MMT) in Marketing Year (MY) 23/24. Based on data from the General Administration of Customs of the People’s Republic of China (GACC), imports surged following the removal of zero-COVID policies in December to reach a combined 16.2 MMT in January – February 2023, a 16% year-on-year increase.
China's removal of COVID-related restrictions is expected to boost overall oilseed consumption. However, relatively high prices for soybean meal (SBM) and low returns in the swine and poultry sector continue to disadvantage SBM inclusion in feed.
Following a significant increase in soybean area and production in MY 22/23, policies supporting soybeans are expected to continue, yielding an additional 400,000 metric tons (MT) of production in MY 23/24.
Soybean crush volume is forecast at 95 MMT in MY 23/24, compared to an estimated 94
MMT in MY 22/23. Total MY 23/24 protein meal feed use is forecast to increase by 1.4%
year-on-year to 98.1 MMT.
Vegetable oil imports are forecast flat in MY 23/24, after rebounding to an estimated 11.2 MMT in MY 22/23. Lower prices and higher demand in the food processing sector is expected to boost palm oil imports to a record 7.1 MMT in MY 23/24.
March 20, 2023/ USDA/ United States.
https://apps.fas.usda.gov
