China imported more agricultural products in the first six months of 2023 than it did during the same period in 2022 as soybean prices surged higher. The value of those agricultural imports in the first half of this year rose over eight percent compared with the same time in 2022.
USDA’s Foreign Agricultural Service report says overall exports were relatively flat. Soybean imports jumped 11 percent to a value of $30 billion, while volume rose 14 percent to 52.6 million metric tons.
Grain import purchases were up seven percent year-over-year to $45.4 billion as volume gained 4.% percent to 83.4 million metric tons.
The agency says edible vegetable oils saw the biggest percentage increase as the value of those imports rose 139 percent to $5.3 billion, and volume jumped 79 percent higher to 4.5 million metric tons.
Chinese imports of U.S. soybeans gained 12 percent to almost 20 million metric tons.