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The growth in the animal protein sector is expected to increase the soybean imports in China by around 97 million tonnes from 2023 to 2024 marketing year. Additionally, according to Global Agricultural Information Network report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA) it is also expected to eliminate the Covid-related restrictions to expand overall oilseed consumption.
The report indicated that, based on data from the General Administration of Customs China, imports surged following the government’s removal of zero-COVID-19 policies in December, reaching a combined 16.2 million tonnes in January and February, a 16% year-on-year increase.
Meanwhile, China continues to emphasize greater domestic
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