In recent years, the demand for edible oils and meat, eggs, and dairy products has continued to grow, driving a surge in soybean consumption. Soybeans account for a significant proportion of grain imports in our country. Moreover, according to the latest release of the Central No.1 Document and announcements from the Ministry of Agriculture and Rural Affairs, the state will support the development of high-oil and high-yield crop varieties, continue to implement subsidies for corn and soybean producers, support the development of the entire industry chain processing of soybeans and other agricultural products in the northeastern region, and build clusters in the food and feed industries.

        According to customs data, China's total imports of yellow soybeans in 2023 amounted to $61,420,702,242, with a year-on-year increase of 0.3%, totaling 101,726,495,589 kilograms, up by 11.66% compared to the previous year. The export value was $75,786,588, a decrease of 42.13% year-on-year, and the export quantity was 67,008,897 kilograms, down by 41.19% compared to the previous year. Analysis of the 2023 import and export data reveals an overall fluctuating trend in the import and export of yellow soybeans. The highest import volume occurred in May, while the lowest was in October. As for exports, the highest volume was in November, while the lowest was in July. Of course, this fluctuation is related to the global growing and harvesting seasons of yellow soybeans.

        Chinese yellow soybean products are mainly divided into genetically modified yellow soybeans (HS: 12019019) and non-genetically modified yellow soybeans (HS: 12019011). Non-genetically modified yellow soybeans are primarily exported from China, while genetically modified yellow soybeans dominate imports, accounting for 98.33% of the total imported soybeans.

        From a variety perspective, Chinese yellow soybeans have a high protein content and are mainly used for soy products. Imported soybeans have a high oil yield and are primarily used for oil extraction and feed processing. With the development of the Chinese economy and the improvement of people's living standards, there is an increasing demand for soybean processed products such as tofu, soy milk, and soy flour. Additionally, yellow soybeans are also an important raw material for feed production. In the feed industry, soybean meal (a by-product of yellow soybeans after pressing) is an important high-protein feed commonly used in the daily feeding of poultry, pigs, cattle, and other animals to meet their protein requirements. This will also promote the foreign trade development of Chinese yellow soybeans.

        China's imports of yellow soybeans mainly come from markets such as Brazil, the United States, Argentina, Canada, and Russia. Among them, imports from Brazil reached 69,960,375,980 kilograms, accounting for 68.77% of the total imported soybeans, while the United States accounted for 26.03% of the total soybean imports. On the other hand, China's yellow soybean exports are primarily distributed to markets such as South Korea, Japan, Vietnam, the United Kingdom, Hong Kong SAR of China, and Australia. South Korea and Japan are the main markets, accounting for 60.3% and 19.72% of the overall export volume, respectively.

        China is one of the world's largest consumers of meat and poultry, resulting in a significant demand for yellow soybeans. However, China's domestic production of yellow soybeans is relatively low and cannot meet the domestic demand. Despite the Chinese government's efforts to encourage soybean cultivation through relevant policies, domestic production still falls short of meeting market demand. As a result, Chinese enterprises rely on imports to address the insufficient domestic supply. Despite the high dependence on imported yellow soybeans, most soybean processing companies prefer imported soybeans as raw materials due to their relatively low import prices, thus maintaining this dependency.

        Overall, the outlook for China's yellow soybean foreign trade remains optimistic. However, the specific development will be influenced by various factors both domestically and internationally. It requires concerted efforts from the Chinese government, enterprises, and international suppliers to seize opportunities and address challenges.

        Guomao Tong, as China's first data company, offers customs data for imports and exports from over 80 countries from 2010 to present. We provide precise online analysis of market distribution, detailed transaction information of importers and exporters, specific quantity-price analysis, and supply cycles. This data serves as reliable evidence for major foreign trade enterprises and industry consulting firms.

(This article is an original creation by Guomao Tong. Please indicate the source when reposting.)