China could import 30 million mt of soybeans from the U.S. in the U.S. marketing year (Sept. 1, 2023 to Aug. 31, 2024), the U.S. Soybean Export Council on Tuesday**, about the same amount as it did in the previous marketing year.
So far, China has imported 20 million mt of U.S. soybeans for the 2024 marketing year, said Zhang Xiaoping, director of the U.S. Trade Commission's China division.
Zhang said that based on the current market demand and the situation in South America, imports from the United States are expected to remain at last year's level, about 30 million tons by the end of August.
Lance Rezac, vice chairman of the U.S. Trade Commission, said that the economies of China and the United States are closely linked and there is great potential for cooperation.
Rezac**, China's overall demand for soybeans will drive continued growth in U.S. soybeans**. From MY 2024 to MY 2033, China's total soybean imports, including those from the United States, are expected to increase from 101.5 billion tons increased to 134.1 billion tons, with an average annual growth rate of 31%。
In 2023, China imported 99.41 million tonnes of soybeans with an import value of 4,198, according to data from the General Administration of Customs of China900 million yuan (585..)600 million US dollars), compared with last year, the import volume increased by 114%, the value of imports increased by 48%。
The U.S. Department of Agriculture confirmed on its ** last week that the U.S. has privately sent 29 to China70,000 tons of soybeans It follows a meeting between U.S. Secretary of Agriculture Tom Vilsack and Chinese Minister of Agriculture and Rural Affairs Tang Renjian in Washington on Thursday.
Wang Xuejun, a professor of economics at Nanjing Agricultural University in Jiangsu Province, said that China has always adhered to the principle of diversification in the procurement of grain, and market dynamics, supply and demand and ** play a vital role in determining the procurement of agricultural products.
Stressing that a harmonious economic and trade relationship between China and the United States is beneficial to consumers and businesses on both sides, Wang said that the importance of the Chinese market is still evident and that there is great potential for agricultural cooperation between the two countries. China has become the world's largest importer of agricultural products, while the United States is the largest exporter of agricultural products.
"China is a major market for U.S. agricultural exports and a major buyer of U.S. commodities such as soybeans, corn and cotton," he said. ”
China has always opposed the politicization of economic and trade issues. Wang Wen, executive dean of the Chongyang Institute for Financial Studies of Chinese University, said that China is committed to maintaining global and investment liberalization and facilitation, and maintaining the stability of the global industrial chain and chain.
Graphite controls fairly.
In an unrelated area, Ministry of Commerce spokesman He Yadong reiterated last week that the implementation of export control measures on specific graphite products is a widely accepted international practice.
He said at a press conference in Beijing that China's export control regulations are to comply with international non-proliferation commitments and protect China's interests and interests.
He responded to reports that certain Chinese graphite exporters had been granted licenses to well-known South Korean battery manufacturers** for their products.
"China's export control measures should not be seen as a complete ban on exports, and the Department of Commerce has approved several graphite export applications that comply with applicable regulations," he said. ”
In October last year, China announced its intention to improve export controls on certain graphite categories, and the new rules will take effect on December 1.