China's Corn Imports Achieve New Record in 2021
Imports up as buyers turn to cheaper overseas alternatives as prices soar, domestic supply dwindles
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, reports Reuters.
China, the world's top grains market, brought in 28.35 million tonnes of corn in all of 2021, up 152% 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.
According to the Reuters report, 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.
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Marketwatch: Mar, 29
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