CCM: China's agricultural produces: trade deficit narrows in Jan.-April 2016 09-07-2016

According to China Customs, the trade deficit of agricultural produces amounted, in China, to USD11.89 billion in Jan.-April 2016, displaying a loss of 20.6% YoY. In detail, the import & export value reached USD55.95 billion, showing a decrease of 3.4% YoY  , s  pecifically:

Source: Baidu

  •  Export: USD22.03 billion, up 2.6% YoY
  •  Import: USD33.92 billion, down 6.9% YoY

A trade deficit occurs when the value of a country's imports exceeds the value of its exports, and when they do, the international competitiveness of the country's products is weakened, indicating  a negative position for products in the foreign trade market. A trade deficit may also cause the outflow of domestic resources.

In recent years, China's agricultural produces experienced a trade deficit, with cereals being one of the main causes of it.
China's cereals rely mainly on import and, according to China Customs, the trade deficit of cereals reached USD2.06 billion in Jan.-April 2016, showing a drop of 24.34% YoY. Therefore:

  • Import: USD2.19 billion, down 23.5% YoY
  • Export: USD130 million, down 6.4% YoY

The large decline in import value was caused by the falling import volume of cereals and data show that China imported 8.23 million tonnes of cereals in the first four months of 2016, suffering a loss of 14.7% YoY.

Although the overall import volume of cereals fell, the one of domestic major cereals (rice, wheat and corn) increased at different degrees, specifically, the import volume of wheat and rice was 868,000 tonnes and 1.35 million tonnes, increasing by 41.6% and 100% YoY respectively.

At the same time, corn also reported a YoY rise of 31.1% in import volume, amounting to 1.80 million tonnes. Nevertheless, import volumes of some substitutes for corn has all witnessed declines:

  • Sorghum: 2.96 million tonnes, down 9.34% YoY
  • Barley: 1.20 million tonnes, down 67.4% YoY

It should also be noted that China is currently undergoing an obvious "pork cycle" (cyclical fluctuations of supply and prices of pork), in which the pork price goes up for a long time, resulting in the imported pork to be popular. Data from China Customs show that China imported 405,000 tonnes of pork in Jan.-April, raising to 98.3% YoY and, thanks to this, the import volume of beef also increased by 71.9% YoY, reaching 185,000 tonnes. Accordingly, the trade deficit of animal products reached USD5.62 billion in Jan.-April, obtaining an increase of 15.4% YoY.


This article comes from Corn Products China News 1606, CCM


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Tag: agricultural  corn


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