China’s steady growth in soybean imports is slowing, and the rest of the world’s growth rate could outpace that of the Asian country for the first time since 1995, Carl Zulauf, professor emeritus at Ohio State University, said.
“China is importing so many soybeans because of its rapid economic growth,” Zulauf said. “In turn, demand for vegetable oils, including soybean oil, and for meat and animal product has grown rapidly. However, the growth rate of soybean imports is slowing.”
As China has been the largest global importer of soybeans for several years, its growth rate as a percentage has slowed. It would take a much larger jump in volume to affect the country’s percentage growth.
“The 2016 crop year could be a pivot year. If current projections hold, percent growth in soybean imports will be lower for China than the rest of world for the first time since China emerged as a consistent importer of soybeans in 1995,” Zulauf said in an article cited on Farmdoc Daily.
Zulauf said China’s soybean import growth rate would be 7.9%, while the rest of the world would be 8.1%.
China might, however, reignite some soybean imports as another source of livestock feed was largely cut off. In September, the Chinese government leveled a 33.8% antidumping tariff on dried distillers grains from the U.S.