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Industry Focus
China¡¯s Soybean Market In 2003
Judging from the current status of China¡¯s soybean market and the influence from the domestic and international markets, China¡¯s soybean market in 2003 can be expected to do the following.
In 2002, the price of soybeans has been continuously increasing and the farmers made large profit from it. Also with the government support, the soybean sowing area will increase greatly. Statistically, the soybean sowing area was 9.3 million ha in 2002, an increase of 3.3%. The soybean output is estimated to be over 17 million tons.
Between January and October 2002, the import of soybeans decreased 27.75% compared with the same period of 2001. As estimated, this year¡¯s soybean import will be similar with that of last year.
The demand for soybeans will not increase greatly in 2003. Information from the Customs General Administration showed that between January and October 2002, China imported 453 thousand tons of soybeans, 761.4% higher than that of 2001. In 2003, the soybean import quota will be increased to 2.82 million tons.
As estimated in 2002, the soybean consumption will be 31 million tons and the domestic output will be 17 million tons, and 11 million tons of soybeans will be imported.
Since the supply can not meet the demand, not much soybeans will be stored in 2003. Although the demand for soybeans will not increase greatly in 2003, the price will be going up in general.
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