May 24, 2013

China may become major grain importer by 2015

In a recent industry forum, head of a global grain trader said that China is expected to become a major grain importer by 2015.

Sunny Verghese, CEO of Olam International Ltd, a Singapore-based grain trader, said because of diminishing resources of land and water, China is on the way to become a major importer of corn, wheat and rice by 2015.

The country has long asserted its bottom line of maintaining its food security by domestically producing 95% of its grain consumption. So far imported corn, wheat and rice account for a very small proportion of the total consumption.