Agriculture & Food

In October 2022, China's import of peanuts will increase slightly, with a month-on-month increase of 9.31%

1. Overview of imported peanuts

According to China Customs data, China's peanut imports in October 2022 were 39,040.569 tons, an increase of 3,328.629 tons from 35,711.94 tons in September this year, and a month-on-month increase of 9.31%; an increase of 28,248.991 tons from 10,791.58 tons in October 2021, a year-on-year increase of 261%.

The monthly import volume of peanuts from January to July 2022 was significantly lower than that of previous years. The main reasons are: 1. At the beginning of 2021, the domestic market was sluggish, the time for the oil plant to start weighing has passed, the overall willingness to purchase is not active, and there is an obvious downward trend in domestic peanut prices, resulting in limited profit margins for imported peanuts, and risks in forward contracts for traders. 2. Affected by the new crown epidemic, the import and export cabins are tight, and the arrival time of imported peanuts is uncertain, and the storage conditions for African peanuts are limited. Near the end of the market, imported peanuts are at risk of rising insect powder, aflatoxin, and acid prices.

As of October 2022, China's cumulative import of peanuts was 611,254.25 tons, a decrease of 363,293.95 tons compared with the same period in 2021, a year-on-year decrease of 37.2%. Compared with the same period in 2020, it decreased by 377,172 tons, a year-on-year decrease of 38.15%.

2. Main source countries of imported peanuts

At present, my country's main import sources of peanuts are Sudan, Senegal and the United States. Judging from the customs data in October, 29,887.986 tons were imported from Sudan, accounting for 76.5% of the total imports in October; 6,867.47 tons were imported from Senegal, accounting for 17.59% of the total imports in October; 886.803 tons were imported from the United States, The proportion is 2.27%. At present, Sudan is still my country's largest source of imports. For the domestic market, Sudan's peanut oil content, price and quality have certain advantages. It is expected that Sudan will remain my country's largest source of imports in the short term.

3. Overview of China's imported peanut oil

According to customs data, China's peanut oil imports in October 2022 were 26,013 tons, an increase of 2,509 tons from 23,503 tons in September this year, and a month-on-month increase of 10.67%; an increase of 15,956 tons from 10,056 tons in October 2021, a year-on-year increase of 158.67%.

According to customs data, the monthly import volume of peanuts from January to April in 2022 is significantly lower than in previous years, and even widens the gap in 2021. The main reason is that the fundamentals of peanuts are weak, and oil factories are generally pessimistic about the outlook for peanut oil. The enthusiasm for signing orders for imported peanut oil has declined. The Russo-Ukrainian war has reversed the decline, and the volume of imported peanut crude oil has begun to rise steadily. In January 2021, imported peanut oil reached a historical high, mainly because the price of Indian peanut oil was low at that time, and Indian peanut oil was similar to domestic peanut oil, which was more convenient for refining and cost-effective. Oil factories concentrated on purchasing imported peanut oil.

4. Main source countries of imported peanut oil

At present, my country's main import sources of peanuts are Brazil, India and Argentina. Judging from the customs data in October, 111,111.865 tons were imported from Brazil, accounting for 58% of the total imports in October; 38,882.145 tons were imported from India, accounting for 20.30% of the total imports in October; 28,029 tons were imported from Argentina, The proportion is 15%. Since May, after China and Brazil signed a cooperation agreement on importing peanuts, Brazil's peanut oil imports have ranked first. June is the peak period for Brazil's peanut oil exports.

Generally speaking, the price of domestic peanuts is running at a high level. It is understood that the forward orders for imported peanuts are quoted at 9,800 yuan/ton for Senegalese polished rice, 9,400 yuan/ton for oil-bearing rice, and 10,300 yuan/ton for Sudanese polished rice. The price advantage of imported peanuts may affect the market next year. It has caused a certain impact, and some factories have already signed a contract to import peanuts. For large-scale enterprises, fluctuations in the exchange rate and domestic peanut prices will narrow the profit margin of imported peanuts, and they will choose to wait and see to purchase spot goods from domestic traders.