According to April import data from the General Administration of Customs, China has kept increasing imports of major grains around the world.
In terms of quantity, China’s rice imports soared by 28.7% in April, its corn imports increased by 19.4%, and soybean imports rose by 8.5%. By value, total China grain imports in April increased by 24%.
China spent nearly 7.5 billion dollars to import grain in April alone and nearly 26 billion dollars for the first four months.
This year as the grain prices soared due to the Russian-Ukrainian war, China still keeps buying grain around the world. Grain imports in April reached 13.6 million tons, an increase of 3.2% year-on-year. The first four month, it imported 50.61 million tons of grain, an annual decrease of 0.3%, mainly due to the decline in wheat and barley imports as a result of the war.
Experts have long accused China of hoarding commodities. According to the U.S. Department of Agriculture, China will hold 69% of the world’s corn reserves, 60% of rice, and 51% of wheat by the first half of 2022.
China has been hoarding grains for many years, and grain imports have also grown significantly. According to data from the General Administration of Customs of China, grain imports reached 164.54 million tons last year, and corn alone imported 28 million tons.
China has traditionally imported corn from the U.S. and Ukraine. Last year U.S. corn accounted for 70% of its total corn imports, and the number was expected to increase because of the Russian – Ukraine war. But according to the Ministry of Commerce of China on Tuesday, the country will allow imports of Brazilian corn, reducing its dependence on the U.S.