China’s wheat imports surge 80% from January to April amid lower global prices
Wheat
China
Published May 26, 2023
Tridge summary
China’s wheat imports soared 80 percent in the first four months of the year, mainly because the price of the cereal in overseas markets fell more than at home, according to the latest official data. China imported nearly 6 million tons of wheat from January through April, equivalent to 60 percent of last year’s total, numbers […]
Original content
China’s wheat imports soared 80 percent in the first four months of the year, mainly because the price of the cereal in overseas markets fell more than at home, according to the latest official data. China imported nearly 6 million tons of wheat from January through April, equivalent to 60 percent of last year’s total, numbers from the General Administration of Customs showed. April’s imports alone jumped 141 percent from a year ago to 4.7 million tons. Incoming shipments of wheat have exceeded 1.3 million tons a month this year mainly because prices were lower abroad than in China, making imports more profitable, said Meng Li, an agriculture ministry official. Rising imports are due to the excessive optimism among Chinese processing companies over replacing domestically grown wheat with the overseas product as animal feed, Zheng Wenhui, a grain economy researcher at Guangdong South China Grain Trading Center, told Yicai Global. That has led to vast amounts of Australian standard ...
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