Business / Markets

Soybean imports decline in August

(China Daily) Updated: 2012-09-13 14:53

China's soybean imports registered a sharp decline of 1.45 million metric tons in August from the previous month, prompting speculation that imports of the beans will gradually decline during the next few months.

According to data from the General Administration of Customs, soybean imports in August were 4.42 million tons, worth $2.73 billion, compared with 5.87 million tons in July.

During the first eight months of the year, the volume of soybean imports increased 17.4 percent year-on-year to 39.34 million tons. The import value increased 15.7 percent from last year to $22.3 billion.

According to a report released by the National Grain and Oils Information Center, China's soybean imports are expected to decline during the rest of the year because of a tight supply and price surges in the international market caused by the extreme weather conditions in global soybean producers, such as the US.

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