China: Oilseeds and Products Annual
China continues to be the largest oilseed importer in the world. In MY15/16, China’s total oilseed imports reached 87.93 million tons (MMT). Chinese total soybean imports hit another record at 83.23 MMT, absorbing 61 percent of total world exports, and 59 percent of total U.S. soybean exports. Post estimates this growing trend in soybean imports will continue and reach 86 MMT in MY16/17, and 89 MMT in MY17/18. Favorable import prices led to record peanut imports in MY15/16 but are expected to level off. Rising incomes, urbanization and the modernization of the domestic feed and livestock sectors will continue fostering Chinese oilseed consumption. A recent change in government policy has encouraged farmers to plant more oilseeds instead of corn. However, growth in China’s oilseed production remains constrained by limited arable land and stagnant yields. Thus, China’s oilseed production is forecast to rise modestly to 56.25 MMT in MY17/18. In addition, during MY15/16, China imposed registration requirements for grain and oilseed exporters (known as AQSIQ Decree 177). Major exporters continue their efforts to comply with new requirements.
