China soybean imports Predicted to Increase in MY 2022/23

In the first two months of 2023 (January-February), China imported a total of 16.17 MMT of soybeans, which was a 16% increase compared to the same period in the previous year. During the first five months of MY 2022/23, China imported 38.21 MMT of soybeans, which was 4.71% more than during the same period in MY 2021/22.

The USA continued to be the primary exporter of soybeans to China during the first five months of MY 2022/23, with China receiving 21.75 MMT of soybeans, which accounted for 57% of its total soybean imports. Notably, China's imports of soybeans from the USA during this period increased by 5% compared to the same period in MY 2021/22.

It is expected that growth in domestic consumption will drive China's soybean imports to reach 96 MMT in MY 2022/23.

Note : MY is Oct. to Sep.