China’s corn production is among the highest in the world. With the development of China’s farming industry, the demand for feed is rising, so China still needs to import a large amount of corn every year.
In 2021, China imported a total of 28.348 million tons of corn, up 152.2% year-on-year, and US$8.03 billion in imports, up 223.6% year-on-year. According to CRI analysis, China imported 18.463 million tons of corn in the first three quarters of 2022, down 25.9% year-on-year, with imports of US$6.25 billion, down 10.3% year-on-year.
CRI analysis shows that the average price of China’s corn imports generally shows a sustained upward trend in 2018-2022. in 2018-2020, the average price of China’s corn imports stabilizes at US$220 per ton, and in 2021 the average price of China’s corn imports rises to US$283.3 per ton, up 28.3% y-o-y. in the first three quarters of 2022, the average price of China’s corn imports continues to rise to US$338.8 per ton, an increase of 21.1% year-on-year.
China’s corn imports consist mainly of corn for seed and corn excluding for seeds. Corn excluding for seeds is the main type of corn imported into China. CRI analysis shows that the U.S. and Ukraine are China’s main sources of corn imports, with both accounting for more than 95 percent of China’s corn imports.
In 2021, China imported 19.287 million tons of U.S. corn, accounting for 69.9% of the total import volume and US$5.59 billion, accounting for 69.7% of the total import volume in that year. China imported 8.233 million tons of corn from Ukraine, accounting for 29.0% of the total imports and US$2.35 billion, accounting for 29.3%.
China has become the world’s largest importer of corn in 2021.CRI expects China’s large population base, escalating consumption structure and rapid development of the corn processing industry, as well as limited land resources in China and limited room for growth in grain production. CRI expects China’s corn imports to continue to rise from 2023-2032.
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