China's grains imports soared to record highs in 2020, customs data showed on Monday, after tight domestic corn supplies pushed prices to multi-year peaks, driving demand for cheaper imports.
Reuters reports that China, the world's top agricultural market, bought a record 11.3 million tonnes of imported corn last year, including 2.25 million tonnes in December alone, according to General Administration of Customs data.
Corn imports in 2020 were more than double the previous year's volume and exceeded their annual quota, which was set at 7.2 million tonnes, for the first time.
China also imported a record 8.38 million tonnes of wheat, against a quota of 9.64 million tonnes.
According to the Reuters report, China has accelerated buying of global grains in the past year due to healthy demand from a recovering pig sector, and a domestic shortfall in corn supplies.
Imports are expected to remain high this year for similar reasons, buyers and analysts said.
