China imported 21.7 million tons of soybean in the first three quarters of this year, a growth of 2.1 percent over the year-earlier level.

Customs sources said the arrivals were valued at 7.36 billion U.S. dollars, up 32.5 percent.

The import price averaged 339.8 U.S. dollars per ton, up 29.8 percent.

The higher import cost was due largely to mounting demand, production decrease and rising transport charges worldwide, the sources said.

Of the total imports, 99.1 percent came from Brazil, the United States and Argentina.

Between January and September, China bought 8.43 million tons of soybean from Brazil, down 10.1 percent, and 4.85 million tons from Argentina, down 0.1 percent. The imports from the United States amounted to 8.22 million tons, up 23.4 percent.

Of the total arrivals, foreign-funded companies made up 13.66 million tons, up 11.3 percent, state-owned enterprises, 4.73 million tons, down 20.1 percent, and private businesses, 2.64 million tons, up two percent.

To curb price rises for soybean and edible oil at home, the customs sources said, China cut import duty for soybean from three percent to one percent as of Oct. 1. The tax holiday would last three months, which would help drive up imports in the coming few months, the sources added.

(Xinhua News Agency December 23, 2007)