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BEIJING, Jan 18 (Reuters) – China’s 2021 corn imports almost tripled in volume from the previous year, hitting a new record, customs data showed on Tuesday, as buyers turned to cheaper alternatives overseas amid soaring prices and a domestic supply crunch.
The world’s top grains market brought in 28.35 million tonnes of corn in all of 2021, up 151% from an annual record figure of 11.3 million in 2020, data from the General Administration of Customs showed.
Imports of wheat in the first 12 months of the year also hit a record at 9.77 million tonnes, and were up 16.6% from 8.38 million in 2020, the data showed.
China’s corn prices hit record highs in 2021 after Beijing whittled down its massive temporary stockpile of the grain and bad weather hit output in the main production region the previous year.
Buyers stepped up imports of grains such as corn and wheat, to plug the domestic gap in corn supply.
China’s appetite for imported grains showed signs of waning in the later months of the year, as a bigger corn crop pushed down domestic prices, while feed demand from the livestock sector weakened on plunging hog margins.
Corn imports in December were at 1.33 million tonnes, down 39.9% from the previous year, according to customs data.
The table below shows imports of China’s major agriculture products in December, according to data released by the General Administration of Customs.
The data did not provide a breakdown on the origins of the imports. Data on soybean imports in December was released earlier this month.
Commodity
December 2021(tonnes)
% change y/y
YTD (tonnes)
% change y/y
Corn
1.33 mln
-39.9%
28.35 mln
152.2%
Wheat
940,000
6.9%
9.77 mln
16.6%
Barley
1.02 mln
3.6%
12.48 mln
54.5%
Sorghum
710,000
29.5%
9.42 mln
95.6%
Pork
170,000
-62%
3.71 mln
-15.5%
Sugar
400,000
-56.7%
5.67 mln
7.5%
(Reporting by Hallie Gu and Dominique Patton; editing by Uttaresh.V and Rashmi Aich)
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