China soybean imports jump 32% in 2008

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.

Comments

Xi Jinping's Doctoral Thesis

Xi Jinping is the vice president and presumed next president of China but little is known about him. In this post the dimsums blog offers its contribution to the genre of Xi Jinping-ology by conveying Xi's decade-old views on agricultural markets. Ten years ago Xi Jinping wrote a thesis, "Tentative Study of Agricultural Marketization" (中国农村市场化研究) for a Doctor of Law degree at Tsinghua University in Beijing, a top breeding-ground for Chinese officials. The dimsums blogger has spent several hours poring over the 200-plus page tome to see what it reveals about Dr. Xi. The thesis is remarkably close to what China has been doing lately in agricultural policy, suggesting that Xi (or the person who actually wrote the thesis) has a major say in policy or is at least in agreement with what's being done. There is nothing adventurous, controversial (or insightful) in the thesis. It seems to be the work of a wonkish technocrat who is not prone to talk out of turn or wander from...

Divergence in U.S. & Chinese egg prices

High egg prices are a hot topic in the United States. China, in contrast, has a glut of eggs and depressed prices. The March 14, 2025 USDA Agricultural Marketing Service weekly eggs market overview reported that U.S. egg prices continued declining during the second week of March as the supply situation improved. No significant highly pathogenic avian influenza (HPAI) outbreaks have occurred in March and U.S. egg demand is relatively light. The average U.S. wholesale price for Grade A large white eggs was $4.15 per dozen, down sharply from their February peak. Until 2021, Chinese and U.S. wholesale egg prices had been roughly equal at about $1-to-$2 per dozen with no trend. U.S. prices fluctuated more than Chinese prices, so the U.S. price was sometimes higher, sometimes lower than the Chinese price after converting them to dollars per dozen. Chinese prices converted using monthly exchange rate and assuming 0.6 kg per dozen. Sources: USDA and China Ministry of Agricult...

China's Corn & Wheat Imports Down 97% From Last Year

China's first customs data for 2025 feature a 97-percent decline in corn and wheat imports from a year earlier. Soybean imports were up slightly by volume (but down in value), and dairy, pork, poultry, and seafood imports rebounded year-on-year. Life was less sweet in China with a 93.7% decline in sugar imports, and drinking appears to be up as wine and beer imports posted gains. China's agricultural imports for January-February 2025 were down 14.7 percent from a year earlier. The value of farm and food goods imported for the first two months of 2025 totaled $30.7 billion, down $5.26 billion from the same period in 2024. China's exports of agricultural products during January-February totaled $15.2 billion, up $393 million from a year earlier. Data from China Customs Administration website. As usual, soybeans were the largest component of China's agricultural imports during January-February 2025 with a value of $6.3 billion. Meat imports were valued at $4.1 billion, ...

Dim Sums: Agricultural Markets in China

Search This Blog