China Starts Importing Soybean Meal From Ethiopia


Dec 20, 2022 | Agricultural Markets News

Reading time: 2 minutes

According to China Customs data, China’s Soybean imports in September 2022 were 7.7 million tons, a year-on-year increase of 12.2%, and the import value was US$5.5 billion, a year-on-year increase of 35%. From January to September 2022, China’s Soybean imports were 69 million tons, with an import value of 46.5 billion US dollars.

China imported 7.16 million tons of Soybeans in August, a month-on-month decrease of 718,000 tons, or 9%. From January to August 2022, the cumulative Soybean imports were 61.329 million tons, a year-on-year reduction of 5.786 million tons, or 8.6%. It was the lowest since August 2014, as high global prices and weak demand dampened demand for Soybeans. As per Agflow data, Brazil led their export market with 6.6 million tons in August-September 2022, followed by the US (2 million tons), Argentina (0.8 million tons), and Uruguay (0.3 million tons). 

China imported about 6.2 million tons of Soybeans from Brazil in August, a decrease of 3.15 million tons or 31.5%. The main reason is that the supply of Brazilian Soybeans is reduced, and the price is high, which limits China’s interest in purchasing Brazilian Soybeans. In August, the new US crop was not yet harvested and launched, which is usually the peak season for Brazilian Soybean exports to China. But this year, China’s domestic crushing profits are sluggish or even loss-making, while Brazil’s bad weather at the beginning of the year led to a significant reduction in Soybean production and pushed up Brazilian Soybean export quotations. Domestic Soybean crushing companies have high Soybean procurement costs, resulting in poor Soybean crushing profits and slowing down factory purchases.

At the same time, China stepped up purchases of Soybeans from the United States and other smaller suppliers. In August, Soybean imports from the United States totaled 286,762 tons, much higher than the 17,575 tons in the same period last year. In August, 350,342 tons were imported from Uruguay, and 197,770 tons were imported from Argentina. China did not import Soybeans from these two countries in the same period last year.

China’s Soybean Meal imports in August 2022 were 4,621.7 tons, a year-on-year increase of 61%. In terms of destinations, the primary sources of China’s Soybean Meal imports in August were India, the United States, the Russian Federation, and Ethiopia. Among them, about 1,633 tons of Soybean Meal were imported from India in August, accounting for 35%; 1,170 tons of Soybean Meal were imported from the United States, accounting for 25%; about 979 tons of Soybean Meal were imported from the Russian Federation, accounting for 21%.

In August 2022, the leading Soybean Meal importing provinces were Hebei, Shandong, Heilongjiang, and Liaoning, and Liaoning is newly added compared with July. Hebei Province imported about 1,633 tons of Soybean Meal, accounting for 35%, followed by Shandong (1,170 tons) and Heilongjiang Province (979 tons).

China Starts Importing Soybean Meal From Ethiopia

Chinese Soybean Meal Export

China’s Soybean Meal export volume in August 2022 was 21,363.4 tons, a year-on-year decrease of 76.7% and a month-on-month decrease of 22.7%. In August, Soybean Meal exports maintained a downward trend because some oil factories were affected by the power load and Covid-19.

In terms of specific regions, the leading countries of Soybean Meal exports in August were Japan, the Netherlands, Vietnam, Belgium, and ten other countries. Among them, about 15,458 tons of Soybean Meal were exported to Japan, accounting for 72%, followed by the Netherlands (2,510 tons) and Vietnam (1,550 tons).

In August 2022, the main export provinces of Soybean Meal were Shandong, Hunan, Hebei, and Liaoning, and the new export provinces compared with July were Jilin, Hunan, and Fujian. Among them, Shandong exported about 9,593 tons of Soybean Meal, accounting for 45%; followed by Hunan – 3,083 tons, and Hebei – 2,931 tons.

Other sources: FINANCE SINA

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