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China trade deficit in food up 14-fold: report
Beijing (AFP) July 13, 2008 China registered a 7.57 billion dollar 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 Sunday. China imported 23.75 billion dollars of agricultural products in that period, up 59 percent over last year, the official Xinhua news agency said, citing the agriculture ministry. The nation exported 16.18 billion dollars of agricultural products during the period, up 12 percent 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 percent. 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 percent in May, easing from April's 8.5 percent but well above the government's full-year target of 4.8 percent. In the first five months of 2008, China's grain exports fell to 1.19 million tons, down 76 percent from a year earlier, while imports of cereals rose 14 percent to 911,000 tons, Xinhua said. Meanwhile, China imported 3.28 billion dollars of animal by-products from January to May, up 36 percent over the first five months of 2007, and exported 1.64 billion dollars of meats and other by-products during the period, up by 10 percent 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 percent over last year, it said. Community Email This Article Comment On This Article Share This Article With Planet Earth
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