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China increases November soybean import by 68% month-on-month: General Administration of Customs
Dec. 10, 2021
According to data from Chinese Customs, the country imported 8.57 million tons of soybean in November, up 68% month-on-month, from 5.11 million tons in October.
This is, however, lower than the 9.59 million tons in November last year.
China imported 87.65 million tons of soybean in the first 11 months of this year, down 5.5% year-on-year.
China's pig industry experienced losses most of the year, resulting in a negative profit of soybean-press in June. Although this later recovered to a certain extent, it has recently fallen again.
China's soybean import volume in 2021 could appear lower than the previous year because the lower soybean pressing profit may lead to lower demand.
In November, China also imported 673,000 tons of vegetable oil. Import in the first 11 months of this year was 9.573 million tons, up 1.6% year-on-year.
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