(Yicai Global) Jan. 14 -- China’s soybean imports broke the 100-million-ton barrier for the first time in 2020 due to high domestic demand and as the first phase of the China-US trade deal came into effect.

The world’s largest soybean consumer imported 100.3 million tons of the protein-rich animal feed last year, up 13.3 percent from the previous year, according to data released by the General Administration of Customs today.

However, last December’s offshore purchases dropped 21 percent from the same month in 2019 to 7.52 million tons as global prices continue to rise. Prices increased almost 40 percent over the course of 2020.

China mainly imports its soybeans from Brazil, the US and Argentina. The crop is mostly used to produce edible vegetable oil and soybean meal feed.

Editor: Kim Taylor