China - Soybean self-sufficiency could be raised, says expert

With enormous potential and a growing market, China will be able to raise its self-sufficiency rate in soybeans to 30 percent within three years, said Liu Denggao, vice-president of the China Soybean Industry Association.

China imported 54.8 million tons of soybeans in 2010, the largest in its history, compared with 15.2 million tons of domestic production, General Administration of Customs data showed. The country's self-sufficiency rate currently stands at 22 percent.

China emerged as the largest soybean importer from the US in 2010, with the country's import volume standing at 22.8 million tons, accounting for more than half of US soybean exports. In January, China signed a $6.68-billion soybean deal for about 11.7 million tons, with an average price 12 percent higher on every ton than the March-delivery soybean futures price at the Chicago Board of Trade on Jan 21.

In January, China's export volume of soybeans dropped by 11.8 percent year-on-year to 14,520 tons, compared with a 40.3 percent year-on-year decline for the same period last year, official figures showed.