China trade deficit in food up 14-fold: Report
China registered a $7.57 billion trade deficit in agricultural products during the first five months of 2008, up by more than 14-fold over the same period last year, state press said on Sunday.
By Agencies |
BEIJING: China registered a $7.57 billion trade deficit in agricultural products during the first five months of 2008, up by more than 14-fold over the same period last year, state press said on Sunday.
China imported $23.75 billion of agricultural products in that period, up 59 per cent over last year, the official Xinhua news agency said, citing the agriculture ministry.
The nation exported $16.18 billion of agricultural products during the period, up 12 per cent over the first five months of 2007, it said.
China has reacted to soaring global food prices by raising taxes on food exports this year by up to 25 per cent.
The nation has also cracked down on the smuggling of grain out of the nation, with world prices higher than domestic ones.
Soaring food prices and their potential for social disruption have emerged as one of the key concerns facing China's stability-conscious ruling Communist Party, as it seeks to maintain a long-running economic expansion.
China's inflation, led by rising food prices, reached 7.7 per cent in May, easing from April's 8.5 per cent but well above the government's full-year target of 4.8 per cent.
In the first five months of 2008, China's grain exports fell to 1.19 million tons, down 76 per cent from a year earlier, while imports of cereals rose 14 per cent to 911,000 tons, Xinhua said.
Meanwhile, China imported $3.28 billion of animal by-products from January to May, up 36 per cent over the first five months of 2007, and exported $1.64 billion of meats and other by-products during the period, up by 10 per cent over the same period last year, it said.
China also continued its dependency on global markets to fuel its demand for edible oils, importing 3.58 million tons during the first five months of the year, up 11.2 per cent over last year, it said.
China imported $23.75 billion of agricultural products in that period, up 59 per cent over last year, the official Xinhua news agency said, citing the agriculture ministry.
The nation exported $16.18 billion of agricultural products during the period, up 12 per cent over the first five months of 2007, it said.
China has reacted to soaring global food prices by raising taxes on food exports this year by up to 25 per cent.
The nation has also cracked down on the smuggling of grain out of the nation, with world prices higher than domestic ones.
Soaring food prices and their potential for social disruption have emerged as one of the key concerns facing China's stability-conscious ruling Communist Party, as it seeks to maintain a long-running economic expansion.
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China's inflation, led by rising food prices, reached 7.7 per cent in May, easing from April's 8.5 per cent but well above the government's full-year target of 4.8 per cent.
In the first five months of 2008, China's grain exports fell to 1.19 million tons, down 76 per cent from a year earlier, while imports of cereals rose 14 per cent to 911,000 tons, Xinhua said.
Meanwhile, China imported $3.28 billion of animal by-products from January to May, up 36 per cent over the first five months of 2007, and exported $1.64 billion of meats and other by-products during the period, up by 10 per cent over the same period last year, it said.
China also continued its dependency on global markets to fuel its demand for edible oils, importing 3.58 million tons during the first five months of the year, up 11.2 per cent over last year, it said.
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