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Chinese corn imports have been increasing in recent years, reaching 7.6 million tons during the 2019/20 season and are expected to increase significantly more in the 2020/21 season.
Chinese corn imports. Source: 333 with data from FAS-USDA. (*Forecast)
Forecasts by both the USDA and China's own Ministry of Agriculture show a significant increase, although the data is disparate. While the USDA predicted in November that the figure could reach 22 million tons for the 2020/21 campaign, the latest forecasts from the Chinese Ministry published this week put corn imports at 10 million tons, and the latest data from the PS&D (USDA) put them at 17.5 million. This increase in demand for corn is due in part to the recovery of pig production that has exceeded expectations and due to egg and poultry meat production remaining high. Added to this is the increase in total corn consumption, which over the last three seasons has exceeded production and is expected to continue to do so in the 2020/21 season. It should be noted that the use of corn for the production of animal feed accounts for about 70% of total consumption.
By calendar year, as of November 2020, China had already imported 9.04 million tons, an increase of 122.7% compared to the same period in 2019 (4.06 million tons).
January 15, 2021/ 333 Staff with information from MARA and USDA.
