According to Chinese customs statistics,
China’s imports of soybeans for calendar year (CY) 2008 (Jan-Dec):
Volume up 32% (up 6.6 mmt to a CY2008 total 37.4 mmt)
Value up 90% (up $10.35 bil to a CY2008 total $21.8 bil)
China imports soybeans from the U.S., Brazil, and Argentina.
CY2008 imports from Brazil were up only 10% by volume from CY2007 and were essentially the same as in CY2006.
Imports from the U.S. were up 33% (3.8mmt) by volume in CY2008 and rose a cumulative 56% (5.5 mmt) from CY2006 to CY2008.
The average unit value (average CIF price) of soybean imports from the U.S. was up 49% in CY2008, while the unit value for soybeans from Brazil was up 70% and 55% for soybeans from Argentina
in CY2006 and CY2007 U.S. unit values (CIF prices) were close to those of Brazil and Argentina, but in CY2008 Brazilian unit value averaged 14.5% higher than U.S. unit value (Brazilian beans were more expensive), consistent with the shift of imports to U.S. sources.