Chinese Soy Imports Expected to Plateau at 100 Million Tons

Attendees at the prominent U.S. Soy Connext conference, including Chinese soybean buyers, predict that while China’s soy imports for 2023 might slightly surpass some estimates, there won’t be significant growth in the subsequent years. Sun Lige, the vice-president of China’s Wellhope Foods Company Ltd, anticipates China will import about 100 million metric tons in 2023, a bit higher than the USDA’s 98 million tons prediction. However, he expects the figures to remain consistent for the next five years, given a stabilizing demand. Factors include China’s aging populace, a growing preference for chicken over pork among the younger generation, and price considerations. Li Ying from Sichuan Tequ Investment Group Co., Ltd emphasized that China’s purchases will be influenced by price, even over quality, and noted the distinctions between Brazilian and U.S. soybeans.