China's soybean imports climb to highest since 2004
October 14, 2008, 10:38 am TWN
Soybean imports by China, the world's biggest buyer, jumped to the highest since 2004 last month as importers bought supplies before import tariffs increased. The country shipped in 4.1 million metric tons, according to a Bloomberg calculation based on customs data for the first nine months released today. That's 8 percent more than August and the highest since at least 2004, Bloomberg data shows.
China's tax on imported soybeans was restored to 3 percent from 1 percent at the start of this month after a temporary cut expired, according to the state-owned China National Grain and Oils Information Center. Chicago soybean prices have fallen 29 percent since September as investors dumped commodities on the prospect of a global economic slowdown.
China's imports of the oilseed rose 32 percent to 28.7 million metric tons in the first nine months of the year, the customs office said today, citing preliminary data.