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China Update
Story Date: 5/26/2021
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Source: Danny Ding, NCDA&CS, 5/25/21
China’s soybean planting area in 2021/22 will decrease by 5.4% compared with the previous year. Although the growth rate of soybean imports will slow reduce as the production capacity of live pig gradually returns to the normal level, the import volume will still remain at the level of 100 million metric tons.
It is reported that the investment attracted by the food and agriculture industry has increased by 66% in China during 2020. Among them, upstream technologies such as agricultural robots, agricultural biotechnology and innovative food have attracted the most attention. Experts believe that health foods (plant meat, protein drinks, dairy products, and fat-reduced foods) will become hot spots in the future. North Carolina’s goods exports to China ranked at the 15th in the U.S. in 2020, the value of which reached US$3 billion. And China is the 3rd exporting destination for North Carolina’s goods exports. Among them, pharmaceuticals & medicines and meat products are North Carolina's most exported commodities to China, with US$741 million and US$498 million respectively.
In April, China's total retail sales of consumer goods increased by 17.7% year-on-year, and the two-year average growth rate reached 4.3%, which means that China’s economy continues to maintain a steady growth trend.
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