China has set the quantities of grain to be imported at reduced tariff rates

Published Apr 3, 2024

Tridge summary

China's National Development and Reform Commission has set the import quotas for 2024, aiming to secure lower customs rates for essential commodities. The quotas include 9.636 million tons for wheat, 7.2 million tons for corn, 5.32 million tons for rice, and 894 thousand tons for cotton, with a significant portion of these imports designated for state procurement. This strategic move is designed to manage import duties effectively and ensure a stable supply of grain and cotton in the country.

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Original content

China's National Development and Reform Commission has determined the country's grain and cotton import quotas for which lower customs rates will be applied in 2024, China's Xinhua news agency reported. For wheat, the quantity is 9.636 million tons, of which 90% are set aside for state imports. In the case of corn, the quota for reduced customs importation into China is 7.2 million tons, of which 60% is set aside for the country. 5.32 million tons of rice will be imported at reduced customs rates, including 2.66 million long-grain rice and as much medium- ...

Source: Sinor