Chinese soy imports are this year expected to total a record 57.5 million tons, a year-on-year increase of 9.3 percent, due to lower domestic production and increased demand, Chinese news agency Xinhua reported.
According to the news agency, the area planted up with soy this year is 13.8 percent smaller than last year, which is the fifth consecutive drop and production is expected to total a minimum for the last three years with 9.8 million tons.
China is the world’s largest soy importer and buys around 60 percent of the world’s soy exports. In the first nine months of the year it acquired 44.3 million tons, which was a 17.7 percent increase on the same period of 2011.
Brazil provides a little over 50 percent of all the soy imported by China and the United States provides around 37 percent. (macauhub)