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China market update
Story Date: 1/25/2021
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Source: Danny Ding, NCDA&CS, 1/22/21
In 2020, China imported USD 25.19 billions of agricultural products from the U.S., an increase of 66.9% year-on-year. The major purchases of U.S. agricultural products by Chinese buyers are corn, soybean, sorghum, pork, beef, etc., among which imported soybeans, pork, cotton, and crude oil increased by 56.3%, 223.8%, 121.7% and 88% year-on-year, respectively.
China's soybean imports in 2020 reached a record 103.3 million metric tons, accounting for 70% of the total grain imports. Among them, China purchased 25.89 million metric tons of soybeans from the U.S. in 2020, an increase of 52.8% over the previous year. And U.S. shipped 1.275 million metric tons of soybeans to China in the week ending January 14th, an increase of 22.9% over the previous week.
China’s grain imports surged to record highs in 2020. According to data from the General Administration of Customs of China, China imported a record 11.3 million metric tons of corn in 2020, an increase of 135.7% over the previous year. This is the first time that the annual tariff rate quota of 7.2 million metric tons has been exceeded. In 2019, only 67% of corn import quotas were used. Market analysis of corn imports in 2021 will remain high, and the USDA has adjusted China's corn import forecast for 2020/21 to 17.5 million metric tons.
On the other hand, the second-wave of COVID-19 continues to develop in China this week and Hebei, Jilin and Heilongjiang provinces became the hot spots that identified over 50% of newly confirmed cases (1,310 by the end of Wed.). Though it is not yet impacting on most people’s daily life except for Hebei province where is pretty much closed down. All businesses remain open but people are strongly encouraged to cancel all unessential travels.
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