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China posted a deficit of US$3.66 billion in trade of agricultural products in the first three months, resulting from the strong increment in imports and drop in exports.
The Ministry of Agriculture statistic showed that the total imports increased by 61% to US$13.01 billion in the period, while the exports increased merely 9.6% year-on-year to US$9.35 billion.
The soaring import was mainly fueled by the pork and oilseed imports. The pork imports nearly quadrupled and the oilseed imports soared 36.8 year-on-year in the same period. And the country saw a big decline in the grain exports, which was down 72.8% from a year earlier.
The shrinking in the grain exports indicates the government's policy to stabilize agriculture production and food supplies begin to pay off. The Ministry of Commerce launched a notice last week to further control the exports in grain and fertilizer exports, and step up the imports of commodities including edible oil and meat.
China Knowledge |
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