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NCDA&CS: China office update June 29
Story Date: 6/30/2021
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Source: NCDA&CS, 6/29/21
Highlights from this week:
• Considering the continuous recovery of China's live pig production capacity, the U.S. is expected to export nearly 100 million metric tons of soybeans to China this marketing year. From September 2020 to June 10th, 2021, the U.S. soybean sales to China reached 35.17 million metric tons, an increase of 128.9% year-on-year.
• China's farm-produce prices fell last week. The overall price of farm produce decreased 1.8% on a weekly basis. Among them, the wholesale price of pork decreased 6.3% week on week to US$3.25 per kg; the wholesale price of eggs decreased 0.6% on a weekly basis, and that of chicken fell 0.7% week on week. Moreover, Food accounts for approximately one-third of China's consumer price index (CPI), which rose 1.3% year-on-year in May, up from the 0.9% growth in April.
• China's economy continued its consolidated recovery in May with production demand picking up, retail sales growing faster and employment remaining stable. Retail sales grew by 12.4% year-on-year in May, sending the two-year average growth rate to 4.5%. And consumption is expected to gather further strength as household incomes are rising, while the speedy vaccination and pro-consumption policies will further boost people's spending confidence.
• "New business forms and models, especially cross-border e-commerce, have become a vibrant force driving China's foreign trade. They also represent an important trend in the development of international trade," Premier Li Keqiang said.
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