China may raise oil imports by 1.5 million tonnes

Almaty. September 8. Silkroadnews – China may raise import of oilseeds by 1.5 million tonnes, UkrAgroConsult reported.
Reducing government support for corn production continues to drive China’s oil sector, according to the FAS USDA report. The growth of soybean acreage in the country is estimated at 9.8% compared to last year. The forecast for bean production is 14.2 million tonnes, which is 1.3 million tonnes higher than last year’s readings, the report said.
With this it is noted that the growing demand for oilseeds in China continues to exceed the domestic production growth rates. It is expected that the import of oilseeds in the 2017/18 season would reach a record level of 92.5 million tonnes, which is 1.5 million tonnes higher compared to the previous year.
China’s economic growth for 2017 is projected at around 6.7% level, and the fully modernized livestock sector of the country continues to increase the consumption of oilseeds and their processed products.