As the soybean supply in China depends on imports, the spot price of domestic soybeans is closely related to the cost of imports. The import cost of soybeans from the U.S. and South America is directly linked to the spot price of domestic soybeans in the same year. In addition, the import cost is of little difference between South American soybeans and American ones, while the costs are even highly related to each other.
It is estimated that as the demand for soybeans in the Chinese market continues to increase, and there is no growth potential for the production volume of the domestic soybeans, the import volume will keep growing in the next few years.
The annual production volume of soybeans is estimated to be lower than 13 million tons in China in recent years. However, as the economy develops and the living standards increase in China, the annual demand for soybeans keeps rising, exceeding 100 million tons in 2017. Obviously, the homegrown soybeans cannot satisfy the domestic market demand, so China has to import numerous soybeans every year. In 2017, the import volume of soybeans in China totaled 95.535 million tons, increasing by 13.85% YOY.
The import value reached USD 39.62 billion, increasing by 16.63% YOY. At present, China has a single source of imported soybeans, mainly comprising Brazil and the U.S. In 2017, Brazil was the largest source of imported soybeans to China, the import volume from which reached 50.928 million tons. The U.S. ranked second, and China imported 32.854 million tons of soybeans from the country in 2017, with the import value amounting to USD 13.933 billion. Both the import volume and import value accounted for more than 1/3 of those of the domestic soybeans.
Key Topics Covered:
1 Major Economic Characteristics of Soybean Industry
2 Analysis on Soybean Production in China, 2007- 2017
3 Analysis on Market Demand of Soybean Industry in China, 2013- 2017
4 Analysis on Prices in China Soybean Market, 2015-2017
5 Analysis on Import and Export of Soybean Industry in China, 2013-2017
6 Analysis on Market Competition in China Soybean Industry
7 Analysis on Major Foreign-Funded Soybean Processing Enterprises in China, 2013-2017
8 Analysis on Major Domestic Soybean Processing Enterprises in China, 2013-2017
9 Prediction on Development of Soybean Industry in China, 2018- 2022