Chinese Corn, Wheat Imports Set Record Highs in 2020
USAgNet - 01/22/2021
China's grains imports soared to record highs in 2020, customs data showed on Monday, after tight domestic corn supplies pushed prices to multi-year peaks, driving demand for cheaper imports.
China, the world's top agricultural market, bought a record 11.3 million tonnes of imported corn last year, according to General Administration of Customs data, exceeding the annual quota, which was set at 7.2 million tonnes, for the first time. It also imported a record 8.38 million tonnes of wheat, against a quota of 9.64 million tonnes.
Reuters reports that during 2019, China only used 67% of its annual quota for corn and one-third of its quota for wheat.
China has accelerated buying of global grains in the past year due to healthy demand from a recovering pig sector, and a domestic shortfall in corn supplies.
Data on soybean imports was released earlier this month.
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