|
|
|
|
|
|
 |
 |
 |
March 2000 Edition
China Increases Imports of Oilseeds at the Expense of Meals and Oils
China has become the largest
importer of oilseeds in the world. Imports of oilseeds have risen
dramatically, from 795,000 tons in 1995/96 to an estimated 8.2
million in 1999/00. The increased oilseeds imports come at the
expense of meal and oil imports. Soyoil imports are forecast to
drop to 725,000 tons from 1.65 million tons in 1997/98 and
950,000 tons in 1998/99. Soymeal imports are forecast to drop
even more precipitously to only 500,000 tons, from 4.2 million
1997/98. The shift into oilseeds is due to a number of factors,
highlighted by the current Chinese government policy that
protects the domestic crushing industry. Soybean meal imports
were restricted starting in early 1999 by the implemention of a
13-percent Value Added Tax (VAT). China also sought to stem oil
imports by limiting the amount of import licenses, and cracking
down on illegal smuggling of edible oils into its borders. As a
result, China is expected to import 5.0 million tons of soybeans
in the 1999/2000 marketing year, up over 24 percent from last
year. According to USDA's export sales report, total U.S. export
commitments to China reached 2.96 million tons of soybeans by the
end of February. Rapeseed imports have also risen dramatically in
the last two years to an estimated 3.2 million tons, as crushers
take advantage of its high oil content.
Approved by the World Agricultural Outlook Board/USDA
|
|