The Hindu Business Line : China's soyabean imports jump 80 pc

CHINA expanded its soyabean imports by 80 per cent in 2003 and reaffirmed its strong influence on world soyabean trade. In the process, not only did the country record a new high in terms of import volume, but also such imports exceeded domestic production for the first time.

China bought 20.7 million tonnes of soyabean from the international market in 2003, up 83 per cent year-on-year, the American soyabean Association said quoting customs figures released on February 9.

Last year, China's soyabean output was 16.2 m.t. The country spent $ 5.4 billion (an increase of 118 per cent) for imports mainly from the US, Brazil and Argentina, according to General Administration of Customs.

China's soyabean imports have been growing rapidly in recent years, to meet the burgeoning demand from the livestock sector for vegetable protein. In order to utilise indigenous crushing capacities, China switched from importing soyameal to soyabean, a few years ago.

The pace of import expansion may be seen from import numbers. From 4.3 m.t. in 1999, China's soyabean imports more than doubled to 10.4 m.t. the following year and to 13.7 m.t. in 2001. The country's imports are expected to keep expanding in 2004.

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China's soyabean imports jump 80 pc