BEIJING, April 12 (Reuters) - China's soybean imports in March fell nearly 20% from the same month a year earlier, data showed on Friday, its lowest in four years as poor hog margins discouraged crushing for feed consumption.
Total imports for the month came to 5.54 million metric tons, according to the General Administration of Customs.
Soybean arrivals into the world's top soybean buyer in
January-March amounted to 18.58 million tons, down 10.8% from
the same period last year, the data also showed.
That is the lowest first quarter import figure since 2020.
The data is in line with forecasts by analysts and traders for first-quarter arrivals to reach 18-19 million metric tons.
"We believe the imports will still continue to grow this year, but the growth rate will decrease as China's feed demand is weak, and consumer consumption is also weak," said Rosa Wang, analyst at Shanghai-based agro-consultancy JCI.
China's cereal and oilseed imports are expected to remain near record highs this year despite a recent spate of cancellations as lower global prices and a domestic output shortfall prompt purchases.
Soybean imports are expected to jump in the second quarter after the completion of the harvest season in Brazil.
The soybean harvest in the world's largest producer for the 2023/24 cycle had reached 78% of the planted area as of last Thursday, agribusiness consultancy AgRural said on Monday.
Brazilian soybean production will rise to 156.5 million metric tons this year due to an expanded planting area, agribusiness consultancy Agroconsult said on Wednesday. (Reporting by Mei Mei Chu; Editing by Christopher Cushing and Peter Graff)
