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BIMCO: Significant decline in Chinese grain shipments

In this week’s “Shipping Number of the Week” from BIMCO, Shipping Analysis Manager, Filipe Gouveia, examines a drop in grain shipments to China as demand for soya beans has declined and the world’s largest grain importer continues to reduce its import dependence. Filipe Gouveia stated that grain shipments to China in January were estimated to decline by 51% year-on-year, partly due to reduced import demand for soya beans caused by low crusher margins. He noted that although Chinese soya bean production had decreased by 1% year-on-year in 2024, inventories remained high following a surge in imports in the first half of the year. Additionally, he mentioned that import demand for maize and wheat had also fallen due to record-high harvests in China in 2024. Credit: BIMCO As the world’s largest grain importer, China has for a long time strived to reduce its import dependence. According to the United States Department of Agriculture (USDA), the combined production of wheat, maize and soya beans has been steadily rising since 2018. In 2024, harvest volumes rose 2% y/y whereas consumption in the current marketing year is estimated to grow only 1% y/y. Rising meat production and consumption in China have been the main ...

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