Friday, August 23, 2013

China's corn import volume declines sharply in H1 2013

China's corn import volume increased hugely in the past years, but the uptrend stopped in H1 2013. According to the data from China Customs, China imported 1.52 million tonnes of corn in H1 2013, down 36.73% year on year. The import volume of corn from other regions (not include new sources) except for the Russian Federation all witnessed a decrease in H1 2013, compared with that in H1 2012.

The import volume of corn from the US, the largest source of China's corn import, was 1.51 million tonnes in H1 2013, down 36.28% year on year.

In H1 2013, China imported corn from four new sources, namely India, Brazil, Ukraine and Chile. Besides, it is reported that China has recently imported 60,000 tonnes of corn from Argentina. It's the first time for China to import such a large amount of corn from Argentina (please refer to COFCO to import 60,000 tonnes of corn from Argentina in 2013 in Corn Products China News 1306 for more details). It is estimated that the import volume of corn from other countries (excluding the US) will increase quickly in the future.

However, China's corn import volume still has the chance to exceed the one in 2012. It's expected that there will be a bumper corn harvest in the US in this season, which may bring down its corn price. In contrast, Chinese government will continue to increase the purchase prices of corn in 2013/2014, which will make the US corn more competitive.

Source: Corn Products China News issued by CCM in August.

Table Contents of Corn Products China News 1308:
Furfural in short supply recently
China's corn import volume declines sharply in H1 2013
Chinese corn products Imp. & Exp. analysis in June 2013
Export business can not help solve oversupply of China's corn starch
Price update of corn products in Aug. 2013
Ex-works price of MSG enjoys an uptrend recently
Ex-works price of starch sugar experiences downtrend in H1 2013
Fufeng Group satisfied with the result of xanthan gum anti-dumping investigations
Changshouhua Food's net profit to increase by 35%-40% in H1 2013
North China Pharmaceutical to issue 250 million shares non-publicly
Resurgence of H7N9 may cause decrease in demand for feed
Opinion solicitation for Approved Feed Additives (2013) conducted
MOF adjusts the dumping margins of the imported nucleotide food additives

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