Experts expect a rapid increase in the supply of soybeans from Russia to China

Due to the contradictions with the US in the field of trade, Chinese soybean importers have had to pay their attention to the countries along the «Belt and Road» and South American region. At the same time, experts expect a rapid increase in the supply of soybeans to China from Russia and other countries of the world.
China is the largest importer of soybeans, purchasing about 60 percent of this leguminous on the global market. At the same time, Brazil occupies a leading position in the supply of soybeans, given the fact that over the past three years, the share of this country in the international volume of soybean trade has increased from 41 to 49 percent.
China’s imports of soybeans totaled 93.49 million tons in the past agricultural year, according to customs administration statistics. In particular, 45.34 million tons were imported from Brazil and 36.84 million tons were imported from the USA.
Experts believe that a number of countries along the «Belt and Road» with large areas of agricultural land, including Russia, Ukraine and Kazakhstan, will gradually increase soybean production and become in future the main potential suppliers of this crop to China.
For example, over the past three years, the volume of soybean exports from Russia has increased by more than 2.5 fold. About 4 million tons of soybeans are harvested in Ukraine annually, but last year the volume of supplies to China from Ukraine did not exceed 2 thousand tons.
China’s state-owned corporation SinoGrain plans to intensify international cooperation and establish partnerships with the world’s major oilseed suppliers, said the Company representative.
Recently, SinoGrain has strengthened its contacts with agricultural enterprises of Russia, Kazakhstan, Ukraine and other countries along the «Belt and Road» route.
Actually, we observe a large supply of soybeans at the global market, and its shortage, arising as the result of trade disputes with the United States, can be compensated by increasing supplies from other countries of the world, said Yu Xubo, President of the COFCO state corporation.
COFCO is China’s largest food company. One of the key directions of its activity in recent years has been creation of food corridors connecting regions of South America and the Black Sea with Asia.
Source: news.rambler.ru
Image source: photogenica.ru