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China consolidated its position as the world's largest importer of wheat, maize, sorghum and barley in the 2023/24 season, with more than 61 million tons (Mt), an increase of more than 1600% compared to 2010/11. It also maintained its leadership in soybean imports, accounting for 60% of global trade.
Since 2010, China has accelerated its grain imports, albeit initially in modest volumes. However, from 2020 onwards, these purchases grew significantly, with wheat and corn purchases doubled and quadrupled, respectively, in 2020/21. In the last four cycles, the country averaged imports of 12 Mt of wheat and 23 Mt of corn per year, currently accumulating more than 50% of the global reserves of these cereals.
However, a reduction in purchases is expected for the 2024/25 season. The USDA adjusted its February estimates downward, with corn down 57% and wheat down 32% from recent averages. This is in response to population ageing, economic cooling and government policies on food self-sufficiency.
China has implemented measures such as subsidies, agricultural land protection and productivity improvements to reduce its dependence on international trade. Given this new scenario, the global market will have to adapt to lower Chinese demand, approaching pre-2020 levels.
March 14, 2025 | Rosario Stock Exchange | Argentina | https://www.bcr.com.ar
