Russian agricultural export development center: China leads the trend of global grain market

Dmitry Krasnov, head of the agricultural products export development center of the Ministry of agriculture of the Russian Federation, said at the meeting on the export of agricultural products to China that the situation of the Chinese market has a decisive impact on the world market, and this situation will continue in the next few years.

“China is not only the most populous country in the world, but also a country with rapid income growth,” he said. Between 2016 and 2020, China’s per capita disposable income increased by 30%. Income growth has led to changes in the consumption structure, an increase in the proportion of meat in the diet, and an increase in the demand for candy and dairy products. To a large extent, China’s middle class began to refer to European consumption patterns, including food consumption. ”

Krasnov added: “China is facing the need to increase grain imports, with total imports increasing by 59% in the past five years. At the same time, China’s agricultural exports have stagnated in the past five years, resulting in China’s increasing dependence on imported food. The food trade deficit was about US $31 billion in 2016 and US $88 billion by 2020. ”

Krasnov pointed out: “from 2019 to 2020, China purchased meat from Australia due to the significant increase of African pig plague. This year, with the recovery of the number of pigs in China, we saw a sharp increase in the demand for soybeans and corn, resulting in the increase of global grain and oilseed prices. It can be said that the situation of the Chinese market determines the process of the world food market. This is a new situation, which is likely to continue in the future. ”

Source: Russian satellite news agency

Post time: Aug-18-2021