February 14, 2014
China's soy demand continues to grow
Over the next decade, Chinese demand for soy will continue to spiral higher, accounting for almost all the anticipated growth in world trade, the USDA said.
In the 2014-15 marketing year, USDA's Office of the Chief Economist estimated that China would import a record 72.8 million tonnes of soy, up from 69 million this year.
From 2015-16 onward Chinese soy imports were projected to continue to rise annually, hitting 112.3 million tonnes in 2023-24. At that level, imports would be larger than total world trade in soy in 2013-14, currently estimated at 109 million tonnes.
This year, China is forecast to account for 63% of global soy imports, rising to 74% by 2023-24.
The US' share of world soy exports is expected to rise by 40% in 2014-15 from this year's 37.6%, but then decline slowly as Brazil's exports continue to expand.