China 2023 grain import volume up, value dips

Published Jan 24, 2024

Tridge summary

China's grain imports increased by 12% in 2023, reaching 162 million tonnes, with corn and soybeans seeing significant increases. However, a decrease in the pig herd could lead to a 20% drop in soybean imports in Q1 2024. Australia's barley exports to China also increased after a ban was lifted, while sorghum imports fell by 48.6%. Trade between China and Russia reached a record high of $240B in 2023, marking a 26.3% increase from the previous year.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

China’s General Administration of Customs (GACC) released the nation’s December import statistics last Thursday, completing the 2023 data set. Total grain imports for the year rose to 162 million tonnes (Mt), 12pc higher than in 2022 and second only to the record of 164.5Mt set in 2021. The value of the 2023 grain-import program was US$82.3 billion, down slightly from $82.65B the previous year. Grain imports in December jumped 38pc compared to the previous corresponding period to 18.27Mt, boosted by corn receivals of a record 4.95Mt. This corn number was up from only 870,000t 12 months earlier and beat the previous record for any month of 3.59Mt, which was set a month earlier. Prior to that, the monthly record had been the June 2021 total of 3.57Mt. Corn imports for the 2023 calendar year came in at 27.13Mt, 31.6pc higher than the 20.62Mt total in 2022. Corn imports surged in the last four months of the year, with Chinese buyers lured by attractive prices out of Brazil, after a ...
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