Monday, January 14, 2019

China Imported 5.72 mmt Soybeans in December

China posted its largest-ever decline in annual soybean imports in 2018 after consecutive year-on-year declines during November and December.

Preliminary December 2018 trade data posted on China's customs website show:
  • China imported 5.72 million metric tons (mmt) of soybeans in December, bringing the calendar year total to 88.1 mmt. 
  • The December import volume was down 3.8 mmt from a year earlier, following November's 3.3-mmt year-on-year decline (see chart below).
  • The calendar-year 2018 soybean import total of 88.1 mmt was down 7.47 mmt from the previous year's 95.5 mmt, the first year-on-year decline since 2011 and its largest decrease ever. 
  • 2018 soybean imports were valued at $38.1 billion, down 4 percent from 2017.
  • The average unit value of December soybean imports was $445/mt, about 6 percent higher than a year earlier.
  • China has not yet released data showing which countries supplied December soybean imports. (Brazil's customs data show 4.1 mmt of soybeans exported to China during December 2018.)
Data for other major commodities show:
  • China's imports of cereal grains totaled 20.47 mmt for 2018, down from 25.59 mmt in 2017.
  • China's imports of edible oils totaled 6.29 mmt for 2018, up from 5.77 mmt in 2017.
  • China's imports of fruits and nuts totaled 5.65 mmt for 2018, up from 4.51 mmt in 2017.
  • China's exports of rice totaled 2.089 mmt for 2018, up from 1.2 mmt in 2017.
  • China's exports of fish and shellfish products totaled 4.25 mmt for 2018, down from 4.27 mmt in 2017.

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