July 12, 2012

China's June grain imports soar 284%

In Q1 2012, the grain imports of China surged 284% compared with the same period of the previous year, according to data released by the Chinese Customs Bureau.

June imports of grain and grain meal stood at 1.1 million tonnes similar to May levels but nearly double the import levels of the previous year. Chinese soy and corn imports are rising quickly amidst the declining economy. China Soyabean Imports has recorded an increase of 31% in June 2012.

As per latest release from General Administration of Customs China s soy imports in June totalled 5.62 million tonnes up 31% from a year earlier. Edible oil imports have increased by 21% In June 2012 on on-year basis the total June edible oil imports in China spurted by 15% from the same month in last year and 17% from May to 5.40 lakh tonnes.

As per latest release from China s General Administration of Customs the total June corn exports in China slumped by 64% from the same month in last year and down 3,615 from May to 3,372 tonnes. China consumes more meat and processed foods although the country remains mostly self-sufficient in wheat and rice.

The largest commodity consumer China s demand for commodities is closely watched by the global markets, which has been alarmed by its slowing economy. Also the data says raw material imports have declined sharply during the month of June 2012.