July 24, 2008

China's Hebei's agricultural import jumps as soy imports surges

Agricultural imports in China's Hebei province jumped to US$1.1 billion in the first half of 2008 as the value of soy imports more than doubled to US$840 million, according to statistics of the Shijiazhuang Customs of China.

Soy imports reached 1.4 million tonnes, rising 77 percent by volume while the value was 2.2 times over that of last year.

Edible oil import volumes rose 35.2 percent over last year at 40,000 tonnes but value was about 50 percent higher  (US$43.5 million ).

Palm oil accounted for 70 percent of the total edible vegetable oil import.

Total agricultural trade in Hebei reached US$ 1.57 billion, surging 84 percent over the same period last year.

Agricultural exports reached US$ 450 million, rising 13.85 percent over a year ago, a slightly slower growth than 2007.

However, the growth of import values was 140 percent faster than that in 2007, giving rise to a trade deficit of US$660 million.