China’s soybean imports are usually low in Sept., but they hit a new high of 4.13 million MT in Sept. this year, an increase of 119% on the year-on-year basis. By Oct. 15, soybean stock at Chinese ports had reached 3.85 million MT.
Causes behind the huge imports included the following: First, there was a huge gap between demand and supply because of domestic soybean crop failure last year. Second, importers wanted to make full use of the 1% import tax in Sept. since the rate was scheduled to expire at the end of Sept.
China’s soybean imports totaled 37.82 million MT in 2007/2008, an increase of 32% on the year-on-year basis.
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