Daily life
Imported soybeans rose 61.36 percent in Tianjin for the first half of 2014, due to the falling production of domestic soybeans and the world's soybean crushing industry transferring its focus to the Chinese market, enorth.com.cn reported on August 6.
According to statistics from the Tianjin Entry-Exit Inspection and Quarantine Bureau, there were 142 batches of imported soybeans in the first half of 2014, totaling 3.23 million tons, estimated to be worth $1.90 billion, with a rise of 61.36 percent, 33.9 percent and 29.18 percent respectively compare to the same period last year.
The amount of imported soybeans continues to increase, mainly due to three reasons. Firstly, the domestic soybean crushing capability has risen greatly. The second reason is that China's soybean oil processing enterprises are expanding fast. And the third reason is the rapid improvement of domestic soybean processing techniques and the fitting out of equipment.
At present, the domestic oil processing and soybean crushing technology have generally reached international advanced levels, and the world’s soybean crushing industry has gradually shifted its focus to China; hence the demand for imported soybeans is growing fast.
In addition, compared with domestic soybeans, the oil content of imported soybeans is two percent higher. Therefore, imported soybeans are more suitable for oil crushing, and also has a higher significant economic benefit rather than using domestic soybeans.
Moreover, the price of imported soybeans is lower than for domestic soybeans and the production of domestic soybeans continues to decrease; so these, too, affect the amount of imported soybeans . The increasing demand for soybeans will lead to China’s dependence on imported soybeans.
